Australian PM announces wage subsidy plan

The $130 billion JobKeeper payment plan will benefit about six million workers, who are impacted by the coronavirus pandemic.

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Australian Prime Minister Scott Morrison has announced a $130 billion JobKeeper payment plan for those affected by the pandemic. The plan will provide wage subsidy to around six million workers, who will be paid a flat $1,500 per fortnight through their employers. The scheme is expected to bring some relief during these troubled times and will help the citizens of the country retain their jobs.

With more than 4,200 positive cases of COVID-19 in the country and 18 deaths, the country has been battling the outbreak for some time. The scheme will provide 70 per cent of the country’s median wage. The Prime Minister shared that businesses will be able to start again post the pandemic, as the attachment of the workers will be ensured via the JobKeeper payment. Businesses will receive the wage subsidy every fortnight, for each of their employees as an allowance. This ‘jobkeeper’ grant is hoped to keep millions of people from losing their jobs during this crisis.

The first payments will be made to eligible businesses by early May. Those businesses that earn less than a billion dollars a year and have experienced a decrease of a minimum of 30 per cent in revenues since March 1, over a month’s time, will be eligible for the scheme.

However, with payments to begin only in May, many small businesses that have already closed down temporarily are not sure how long they will be able to hang on.

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