The JobKeeper coronavirus wage subsidy is changing today — here's what will happen to your payments - ABC News

It's been six months since the Federal Government announced the massive JobKeeper coronavirus wage subsidy, along with plans to "snap back" from today.

But as the pandemic has continued to wreak havoc on the economy, the Government extended JobKeeper through to March next year, but with different rates and eligibility requirements.

Here's what's changing from today.

What is the new JobKeeper rate?

That depends on how many hours you were working before claiming the payment.

Up until now, the Government has paid a flat $1,500 each fortnight to everyone eligible for JobKeeper.

Effectively, if you were working the equivalent of 20 hours a week or more during the reference periods of either February or in June, then you're entitled to the full-time JobKeeper rate. This will be cut to $1,200 each fortnight.

It has been six months since JobKeeper was first announced.(ABC News: Dave Sciasci)

If you worked less than 20 hours a week in both reference periods then you will move to the new part-time rate of $750 each fortnight — half what you would have been getting up to this point.

Nothing will change about how you receive the payments — you'll still receive them through your employer.

Am I eligible for JobKeeper 2.0?

Your eligibility for the JobKeeper payment will also be determined by how your employer is tracking.

In order to continue receiving payments to pass on to their workers, most businesses will need to show a 30 per cent drop in actual GST turnover in the three months to the end of September, compared to the same period last year.

If the business has an annual turnover of more than $1 billion, they will need to demonstrate a 50 per cent drop, and if you work for a non-profit (excluding schools and universities) it has to have experienced a 15 per cent drop.

When the Government first announced the second wave of JobKeeper in July, businesses were required to show a drop in both the September quarter and the June quarter.

Catch up on the main COVID-19 news from September 27 with our coronaivurs blog.

But that's been changed in light of the outbreak in Victoria, so businesses across the country will only have to demonstrate a drop in the September quarter.

But reliance on the program is tipped to be strongly skewed towards Victoria, with the Government estimating that from October onwards, more people will be on JobKeeper in Victoria than in the rest of the country combined.

Will JobKeeper remain the same from now on?

Nope.

The change in the rate will remain at current levels from today until the start of next year, but from January 4 it will fall again.

On that date, the full-time rate will fall to $1,000 per fortnight, while the part-time rate will drop to $650 per fortnight.

Again, businesses will need to demonstrate a drop in revenue in the three months to December compared to the year prior, using the same rules as above.

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https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIwLTA5LTI4L2pvYmtlZXBlci1jb3JvbmF2aXJ1cy1hdG8tY2hhbmdlcy1jb21lLWludG8tZWZmZWN0LXRvZGF5LzEyNjg5MDY40gEnaHR0cHM6Ly9hbXAuYWJjLm5ldC5hdS9hcnRpY2xlLzEyNjg5MDY4?oc=5

2020-09-27 19:16:00Z
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