The Morrison government announced yesterday in response to the COVID-19 pandemic and its impact on the Australian economy, that a new subsidy program to support businesses and employees is being implemented from March 30th.
It has been named the JobKeeper Payment, and aims to cover the costs of employees' wages so that businesses are not forced to lay off staff and continue trading as best they possibly can.
The government has released detailed fact sheets explaining which businesses and which employees would be able to apply for this payment.
You can download all three PDF's below.
Fact Sheet for Businesses
Fact Sheet for Employers
Fact Sheet for Employees
Key points of the payment are;
A Business can apply if they have a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month);
Eligible employers will be paid $1,500 per fortnight per eligible employee. Eligible employees will receive, at
a minimum, $1,500 per fortnight, before tax, and employers are able to top-up the payment.
If an employee ordinarily receives $1,500 or more in income per fortnight before tax, they will continue to receive their regular income according to their prevailing workplace arrangements. The JobKeeper Payment will assist their employer to continue operating by subsidising all or part of the income of their employee(s).
If an employee ordinarily receives less than $1,500 in income per fortnight before tax, their employer must pay their employee, at a minimum, $1,500 per fortnight, before tax.
If an employee has been stood down, their employer must pay their employee, at a minimum, $1,500 per fortnight, before tax.
The subsidy has officially begun as of yesterday March 30th 2020, and the first payments will be received by employees the first week of May.