2nd November 2020
The Government's Budget plan 2020-21 has the aim of jumpstarting the economy by encouraging jobs, investment and household spending.
To encourage job creation, the treasurer outlined the JobMaker Plan, aimed at getting people back to work. A multi pronged approach, the government is looking to support infrastructure, invest in skills and higher education and improve ease of doing business.
Backing employers to hire
The JobMaker Hiring Credit will be a 12-month wage subsidy for businesses that hire 16 to 35 year olds for at least 20 hours per week, who were on JobSeeker. It’s expected that employers will report JobMaker Hiring Credits using Single Touch Payroll.
For each eligible employee, employers will receive for a period up to 12 months:
- $200 a week if they hire an eligible young person aged 16 to 29 years; or
- $100 a week if they hire an eligible young person aged 30 to 35 years.
Employers must demonstrate that they have increased their overall employment to receive the JobMaker Hiring Credit for a period up to 12 months for each position created.
To download the factsheet head here