The wage subsidy scheme extension that offers another eight weeks of financial subsidy to businesses to keep jobs has new eligibility criteria.
In the original scheme, businesses applying for wage subsidy were required to show a 30 per cent fall in monthly revenue due to the impact of Covid-19.
The wage subsidy scheme extension now requires businesses to have experienced 50 per cent fall in revenue in the immediately preceding 30 days when compared to revenue for the same period in the previous year.
The Wage Subsidy Extension will be available from 10 June 2020 until 1 September 2020. Eligible employers will need to reapply through Work and Income once their current 12-week subsidy has come to an end.
Social Development Minister Carmel Sepuloni said extending the Wage Subsidy would help businesses to keep their employees attached while they adapted to changing economic conditions.
“It will give firms, and their workers, some breathing space while they come to terms with the new business environment and plan for the future. We want to give viable businesses every chance to succeed and keep employing New Zealanders post-COVID-19.
The extension to the Wage Subsidy Scheme is estimated to cost up to $3.2 billion.
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