finance
PM announces $1500 wage subsidy per worker for 6 months
Lucy Dean
Yahoo Finance AU30 March 2020
Prime Minister Scott Morrison has announced major measures as thousands of workers, many at airlines, have been temporarily stood down. Images: Getty
Around 6 million Australians will be able to access replacement wages of up to $1,500 a fortnight as the Australian government spends billions to keep the Australian economy alive and households afloat.
The ‘JobKeeper’ scheme is part of a huge $130 billion package announced by the government on Monday, and takes national spending to $320 billion in just three weeks. The last annual federal budget was worth $500 billion.
* Coronavirus: When will households receive the stimulus cash?
* Step by step guide: How to claim your $550 coronavirus cash
* $550 Coronavirus payment: Winners and losers
* Supplement: Who the government’s $550 payments forgot The $130 billion scheme will run for six months, Prime Minister Scott Morrison said on Monday afternoon. He estimates the scheme may go to as many as 6 million workers.
Local share markets recorded their best day ever on the news.
Workers will receive the replacement wage through their employer, whether they have been stood down or continue to be engaged with the business.
“We will pay employers to pay their employees, and make sure they do to keep them in the businesses that employ them and to ensure they can get ready together to bounce back on the other side,” Morrison said.
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READ MORE: https://au.finance.yahoo.com/news/government-announces-job-keeper-plan-051735399.html
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