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$ 5.3 billion paid under the wage subsidy program, says Jacinda Arden | 1 NEWS


The Prime Minister announced this afternoon that $ 5.3 billion had been paid out as part of the wage subsidy program after the New Zealand economy was in disarray because of Covid-19.

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The Prime Minister announced this figure after the New Zealand economy was plunged into disarray because of Covid-19.

Source: 1 NEWS

Jacinda Ardern said a total of 876,000 workers were now under the regime, calling the multibillion-dollar figure “an incredible number in terms of the money we released in a few weeks.”

She said the names of the companies that joined the wage subsidy program would be released “shortly”.

“This will allow anyone, especially employees, to search for the company name and see whether or not their company has received the wage subsidy or not.”

The plan is $ 585.80 per week for full-time workers and $ 350 for part-time workers. It is paid in a single payment over 12 weeks. Overall, a full-time worker represents a total payment of $ 7,029.60. Companies must have experienced a drop of 30% or more between January and June 2020.

The changes announced last month require employers to pay their employees 80% of their earnings before Covid-19. If this is not possible, employers who join the plan must return the entire wage subsidy to their employee.

They are also required to keep their workers active for the duration of the wage subsidy program.

National leader Simon Bridges last week asked Robertson about the amount paid under the plan, asking if the amount was enough to keep workers in certain jobs, suggesting that it be increased to the median wage.

He called the potential increase “a much more realistic proposition for larger, better-paying companies.”

Finance Minister Grant Robertson said the level was chosen because it was the maximum level for paid parenting, but they would continue to monitor it.

The estimated cost of the wage subsidy program rose in just ten days from $ 5.1 billion on March 17 to an estimated cost of between $ 8 billion and $ 12 billion on March 27.

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