Important funding for employees and individuals in Australia through Covid 19 economic aid

As the pandemic, COVID-19, makes its way around the world, countries are coming up with solutions to protect and take care of their citizens and residents. Australia has gotten a lot of attention for their quick and effective economic response to their people’s worries and requests for support during this time.

The Australian Government is having all hands on deck to push through this crisis. The amount of commitment they have put into countering the Coronavirus has given a lot of hope and assurance to Australians and residents, allowing them to feel safe and protected in their country. In addition, it has also indicated that Australia is quick in such emergency situations, and is well-prepared to face difficulties, leaving all with a peace of mind for the future.

Among the significant aid given are as below:

Job Keeper Payment – $1500 per fortnight
Affected employers impacted by the Coronavirus will be able to access a wage subsidy from the Government to continue paying their employees. Eligible employees will receive a minimum of $1,500 per fortnight, before tax. The claim for this payment per eligible employee starts from 30 March 2020 until 27 September 2020.

Eligible employees include Australian citizens, the holders of a permanent visa, and Special Category (Subclass 444) Visa holders as at 1 March 2020.

Income support for individuals – $550 per fortnight
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight.

Eligible to receive the Coronavirus supplement are those on Jobseeker Payment and currently receiving Partner Allowance, Widow Allowance, Sickness Allowance, Wife Pension, Youth Allowance, Parenting Payment, Austudy, ABSTUDY (Living Allowance), Farm Household Allowance, Special Benefit recipients.

Household Support Payment – $750 per fortnight
There will be two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. The first payment (announced on 12 March 2020) will be available to people who are eligible payment recipients and concession card holders at any time from 12 March 2020 to 13 April 2020 inclusive.  The second will be available on 10 July 2020. A person can be eligible to receive both the first and second support payment. However, they can only receive one $750 payment in each round of payments, even if they qualify in each round of the payments in multiple ways.

Temporary early access to Superannuation – $10,000
Eligible individuals will be able to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.

This is applicable to those who are unemployed or eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment, special benefit or farm household allowance; or someone who has been made redundant or their working hours were reduced by 20 per cent or more, or a sole trader where their business was suspended or there was a reduction in the turnover of 20 per cent or more.

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Above is a quick summary of the commendable efforts on the economic rescue package. Australian government moves are certainly assuring in always prioritizing their residents and citizens.

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