The Government has approved the implementation of a $130 billion JobKeeper wage subsidy. Employers must be able to declare a 30 per cent revenue impact to access payments.
Our alliance partner Business NSW argued, the wage subsidy is essential to keeping businesses connected with their staff and to avoid large job losses and we at the GEBC agree.
Eligible employers will receive a fortnightly payment of $1,500 to pay to each eligible employee that was on their books on 1 March 2020 and is retained or continues to be engaged by that employer. Every eligible employee must receive at least $1,500 per fortnight, before tax.
The payment will be administered through the ATO. Businesses can be advised to register their interest for JobKeeper updates on the ATO website
Full time and part time employees, including stood down employees, would be eligible to receive the JobKeeper Payment. Where a casual employee has been with their employer for at least the previous 12 months they will also be eligible for the Payment. An employee will only be eligible to receive this payment from one employer.
Eligible employees include Australian residents, New Zealand citizens in Australia who hold a subclass 444 special category visa, and migrants who are eligible for Job Seeker Payment or Youth Allowance (Other).
Self-employed individuals are also eligible to receive the JobKeeper Payment.
How to receive the payment?
Eligible businesses will be able to apply for the payment online and can register their interest for JobKeeper updates on the ATO website.
The program will commence today, 30 March 2020, with the first payments to be received by eligible businesses in the first week of May as monthly arrears from the ATO. Eligible businesses can begin distributing the JobKeeper payment immediately and will be reimbursed from the first week of May.
(information provided by Business NSW)
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