Tuesday, 17 March 2020 14:31

Wage subsidy focus of Government’s $12.1b coronavirus scheme

Written by  Staff Reporters
Finance Minister Grant Robertson presented the scheme around 2pm today. Finance Minister Grant Robertson presented the scheme around 2pm today.

The Government has announced a massive $12.1 billion scheme to protect businesses and workers amid the Covid-19 outbreak.

Under the scheme, businesses hit worst by coronavirus may be given a wage subsidy of up to $585.80 a week for each full-time worker and up to $350 per week for each part-time worker.

Making up almost half of the scheme, the $5.1 billion wage subsidy takes a central focus in the Government’s coronavirus response.

Businesses wanting to take part in the wage subsidy will have to prove they are losing a large amount of income due to the pandemic.

The wage subsidy, which kicks in today, will enable businesses to receive up to $150,000 over the next 12 weeks.

$126 million has also been allocated for Covid-19 sick leave and self-isolation. 

The funding will enable employees to be paid for the entire time they are sick with Covid-19.

Businesses will also benefit from a $2.8 billion package of tax changes. 

A higher provisional tax threshold will kick in, interest will be waived on some late tax payments, depreciation deductions will be allowed for commercial and industrial buildings, and businesses will be able to take more deductions for low value assets.

A $2.8 billion package will also go towards beneficiaries and superannuitants. 

Focal to the package, is an increase in weekly benefit payments. 

Beneficiaries will get an extra $25 in their pocket each week and the Winter Energy Payment will be doubled for both beneficiaries and superannuitants to $900 for singles and $1400 for couples.

The health and aviation sectors are also getting a boost, with $500 million and $600 million respectively. 

More like this

Red meat sector battles on

It's a bloody tough year for sheep farmers, but the worst may be over, and the future looks optimistic.

Mocktails and menopause

For those rural women who feel menopause might be getting the best of them, a series of events is heading to the Waikato that could help.

Say nothing!

OPINION: Normally farmer good organisations are happy to use the media to get their message across to politicians and the consumers.

Featured

New ag degrees at Massey

Changing skill demands and new job opportunities in the primary sector have prompted Massey University to create a new degree course and add a significant major into another in 2025.

The show is on!

It was bringing in a new Canterbury A&P Association (CAPA) show board, more in tune with the CAPA general committee, that has ensured that Christchurch will have a show this year, says CAPA general committee president Bryce Murray.

National

Food charity to hold online auction

Meat the Need, New Zealand’s dedicated charity delivering locally sourced protein meals to food-insecure communities, is launching an online National…

Machinery & Products

An ideal solution for larger farms

Designed specifically for large farms that want to drill with maximum flexibility, efficiency and power, the new Lemken Solitair ST…

Landpower increases its offering

Landpower and the Claas Harvest Centre network will launch the Claas Scorpion and Torion material handling solutions to the market…

» Latest Print Issues Online

The Hound

Leaky waka

OPINION: Was the ASB Economic Weekly throwing shade on Reserve Bank governor Adrian Orr when reporting on his speech in…

Know-it-alls

OPINION: A reader recently had a shot at the various armchair critics that she judged to be more than a…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter