Article by: Hari Yellina (Orchard Tech)
In accordance with the Prime Minister’s statement, delivered on 20th, July 2020, there are some modifications that have been made to the stimulus packages. Firstly, the payment for JobKeeper has now been extended due to the ongoing pandemic. This extension has been elongated till 28, March 2021. Both business and non-profit organization fall under this category. However, this payment will be lowered, and it will be paid at two rates. Moreover, these two payment rates will be based upon the number of hours the employee has worked during the four weeks prior to 1st March 2020. While a labour shortage is a challenging problem, a labour surplus can be equally difficult to manage. … This differs from a labour surplus on a company level, although it is essentially still an excess of available workers for the work that needs to be done. A labour shortage can be caused by a turn in economic conditions where there is a shortage of skilled workers for a given industry or overall job market. Labour shortages can also be a result of an influx of jobs as a new industry emerges or sees exceptional growth in a short time period
Those workers, who have laboured for over 20 hours a week during 28th September 2020 to 3rd January 2021, will receive $1200 per fortnight. On the other hand, those who have worked for fewer than 20 years during this period will be awarded $750 per fortnight. Businesses are also available for this payout if they have endured a rate of decline during the turnover test. This decision is very beneficial for those employees that are covered under this extension. An employee will continue to receive a reduced payment of their Jobkeeper salaries till 28th March 2021. Therefore, this is a move that is welcomed by all workers covered under this scheme.