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JobKeeper and JobSeeker: How the payments will change in coming months

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Prime Minister Scott Morrison has announced the JobKeeper and JobSeeker payments will be extended beyond September, but there will be substantial cuts.

Here’s how the payments will change.

JobKeeper

The JobKeeper payment to support employers to keep workers in a job has been extended until March 2021.

From the end of September:

The payment will be reduced from $1500 a fortnight to $1200 a fortnight from the beginning of October, while workers who work fewer than 20 hours a week will have their payment reduced to $750.

To be eligible for the payments after September 28, businesses must show a 30 per cent reduction in turnover over the previous two quarters and into the next quarter.

Previously, businesses were eligible if they expected to see a 30 per cent reduction in turnover.

JobKeeper will end on March 28.

From January:

In the March quarter, the JobKeeper payment will be reduced further to $1000 a fortnight for full time workers and $650 for people working fewer than 20 hours a week.

JobSeeker

From August 4:

Those receiving JobSeeker must connect to employment services and undertake four job searches a month to be eligible for the payment.

From October:

The COVID-19 supplement will be reduced down from $550 to $250 a fortnight until Christmas. A decision on further support extending into 2021 will be made in October.

Effectively, this reduces the JobSeeker payment from $1115 to $815 per fortnight.

Australians who receive the JobSeeker unemployment benefit may earn up $300 a fortnight before their payments are affected.

The assets test for JobSeeker eligibility returns, as does the liquid assets waiting period.

Eased restrictions remain around sole trader eligibility and JobSeeker payment access for casual and part-time workers.

Press PLAY below for more.

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