Entitlements for Businesses with Apprentices and/or Trainees
As a part of the COVID-19 Economic Response Package, the Australian Government has announced a range of financial benefits to help small and medium businesses. This includes 50% wage subsidies for around 117,000 Australian apprentices and trainees!
Who is eligible?
Wage assistance will be available to businesses who:
- Currently, employ and retain an apprentice or trainee
- Have less than 20 employees
- Large businesses and Group Training Organisations may also be eligible for these benefits if they employ an out-of-trade apprentice who has been in training with a small business as of 1 March 2020
What benefits are available?
The Australian Government is providing financial benefits to small and medium businesses to ensure they can continue to employ their apprentices and trainees.
Around 117,000 apprentices and trainees are expected to benefit from the subsidies. This includes a 50% wage subsidy to keep apprentices and trainees in their jobs. It is available for wages paid since January 1, 2020, and will be available up to September 30 this year.
Employers may receive up to $21,000 per eligible apprentice or trainee – or $7000 per quarter.
For full details on these subsidies click here.
What to do if you think you’re eligible
The stimulus package is focused on keeping businesses operational during this challenging time. This includes subsidising 50% of apprentices’ and trainees’ wages for nine months.
Eligible businesses with less than 20 employees will be able to register for the subsidy from April 2, 2020.
Contact STS Accounting Group today to find out whether your eligible or to gain assistance in ensuring you receive all the stimulus benefits you and your business are entitled to.
