Scott Morrison has been making a lot of announcements at press conferences lately – the most recent update was that there will be a six month moratorium on evictions for people who can’t pay rent due to the coronavirus outbreak – but he’s scheduled to give another one soon where he will announce a wage subsidy. So what exactly is a wage subsidy, and what does it mean for you?
First of all, a wage subsidy is a government provided payment that usually helps businesses pay for things like training new employees, getting young job seekers into the workplace, or assisting with employing mature age job seekers. These aren’t usual times though, and this wage subsidy will be to help businesses pay their employees and get as many people through the coronavirus pandemic as possible without losing their job.
“The announcement today is all about providing additional income support and keeping employees connected to their employer, because once we get to the other side of this we want the recovery as speedy as possible,” Federal Treasurer Josh Frydenberg said this morning.
Businesses that are eligible are going to receive fortnightly subsidies of up to $1,500 per employee, so if you’re still working in a job that’s just scraping by, the subsidy will mean you’ll be able to keep your job.
The subsidy is also expected to be backdated, so if you work in a sector like hospitality, travel, retail, or another industry that has meant you’ve been stood down, you could be in line for some relief from these subsidies.
Every case is unique, but these subsidies are designed to help as many people through this pandemic as possible. Between this and the eviction moratorium, a lot of people’s lives will be made easier over the next few months.
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