In response to the ongoing coronavirus situation, the Australian Government has announced a range of financial benefits to help small and medium businesses and keep Aussies in their jobs. This includes 50% wage subsidies for around 117,000 Australian apprentices and trainees!
Who is eligible?
Wage assistance will be available to businesses who:
- Currently employ and retain an apprentice or trainee
- Have less than 20 employees
- Large businesses and Group Training Organisations may also be eligible for these benefits if they employ an out-of-trade apprentice who has been in-training with a small business as of 1 March 2020
What benefits are available?
The Australian Government is providing financial benefits to small and medium businesses to ensure they can continue to employ their apprentices and trainees.
Around 117,000 apprentices and trainees are expected to benefit from the subsidies. This includes a 50% wage subsidy to keep apprentices and trainees in their jobs. It is available for wages paid since January 1 2020 and will be available up to September 30 this year.
Employers may receive up to $21,000 per eligible apprentice or trainee – or $7000 per quarter.
Click here for more information on the financial benefits available to you!
What to do if you think you’re eligible
The stimulus package is focused on keeping businesses operational during this challenging time. This includes subsidising 50% of apprentices’ and trainees’ wages for nine months.
Eligible businesses with less than 20 employees will be able to register for the subsidy from April 2, 2020. Businesses that don’t meet this criteria may still be eligible for the Australian Government’s JobKeeper payment. This payment will be a flat-rate of $1,500 a fortnight for all employees and will be available in the first week of May 2020.
To be eligible:
- An employer must have experienced a 30% reduction in turnover (or 50% for firms with a turnover exceeding $1 billion)
- Employees must have been in employment for 12 months and on the books as at 1 March 2020
- Employees laid off since 1 March 2020 can be put back on the books and be eligible for the payment
For more information on the JobKeeper payment and a downloadable fact sheet, click here.
MEGT can help determine if you’re eligible and provide more information on the subsidies available to you.