Search Results: employee benefits

To help out due to this Covid19 pandemic

USA:
- It's been described as the largest rescue package in American history.
- More than $US2 trillion ($3.3 trillion) will be poured into America's economy with the aim of trying to save it from the damage inflicted by COVID-19.
- The Washington Post reports the bill includes a $500 billion business lending program, a $367 billion employee retention fund for small businesses, and will also translate to payments of $1,200 to most American adults and $500 for most children.

The proposal equates to more than 9 per cent of US annual gross domestic product (GDP). In comparison, Australia's $189 billion stimulus package is worth around 10 per cent of our country's GDP last year.

AUSTRALIA:
- government announces a second major economic rescue package worth $66bn including a $550 coronavirus supplement to jobseeker payments and a second $750 payment to welfare recipients.
- those receiving income support payments already from the government, such as youth allowance or a parenting payment, will be given a further $550 a fortnight on top of their regular benefit payment
- the new unemployment benefit that doubled the former Newstart allowance to $1,100 a fortnight.
- government announces $130bn in the third support package, including a $1,500 fortnightly jobkeeper payment for employers to pass on to employees to keep them in work, and extending eligibility for jobseeker payments.
- The federal government will pay eligible employers $1,500 per fortnight for each eligible worker, about 70% of the national median wage.
- employer must pay you a minimum of $1500 a fortnight.
"To be able to claim the JobKeeper payment for an eligible employee, that employee must be paid a minimum of $1,500 income per fortnight, before tax is withheld," a document from the Treasury reads.
- Australians can access up to $10,000 of their superannuation early if they can show they are suffering financial hardship as a result of the coronavirus pandemic.