The Federal Government has announced its intention to pass the JobKeeper payment program which is designed to support employees and businesses affected by COVID-19. This is a long awaited stimulus measure that assists employers in retaining their workforce.

In summary, the proposal is for a wage subsidy, dubbed the JobKeeper payment, to be made to employers of $1,500 per fortnight per employee to help businesses retain workers through this period.

Key points for employers

• To be eligible and register, employers need to make a declaration that their revenue / turnover has dropped by at least 30% as a result of the current restrictions / COVID19 impact (businesses with $1 billion turnover need to declare a 50% reduction in turnover).
• The subsidy is a flat payment of $1,500 per fortnight, per employee. Aimed to cover part time, full time, casual workers and sole traders who have been in their role for 12 months or more.
• Subsidies available for a period of 6 months from 30 March 2020.