You may have seen our blog last week on the new Youth wage subsidy
. This week we’re taking you to the other end of the wage sub spectrum...
The Restart wage subsidy.
What is it?
The Restart wage subsidy is a financial incentive your business is entitled to when you hire someone over the age of 50. It’s a $10,000 payment over six months.
Why should I?
Aside from the $10,000 incentive, this is what you get when you hire a mature-aged worker:
If they started working at 18, they’re bringing at least 30+ years of experience to your workforce, and it’s invaluable.
They’ve seen a lot of change and know how to adapt to changing environments.
The 2006 ABS Labour Mobility Survey shows us that staff over 55 are five times less likely to change jobs compared with the 20-24 age bracket.
They save you money
Mature workers save you around $1,956 a year compared to your younger staff.1 This is because of their increased retention, less days off, lower recruitment costs and greater investment returns on training.
How do I get it?
Payments are made over six months, and you can have a chat to your jobactive provider about frequency, amounts etc.
You can also get a ‘kickstart’ payment after four weeks of a candidate starting. The kickstart payment can be up to 40% of your total wage sub (so if you receive $10k, your kickstart payment can be up to $4k).
Note: Remember that your 'kickstart' payment must not exceed 100% of the job seeker's wages (e.g. for a $4,000 kickstart payment at 4 weeks, the job seeker must have already earned $4,000).
Is my business eligible?
Your business has to tick all these boxes
- You must have an Australian Business Number
- Can't have previously received a Restart wage sub for the same person
- You are not a government agency.
Who can I hire?
The person you hire has to tick all these boxes*
- Be 50+ at the time of employment
- Have been registered with an employment agency for 6+ months
- Cannot be a family member
*More eligibility criteria may apply – speak to your employment service provider about this.
What types of jobs can I offer?
The job you’re offering has to tick all these boxes
- Be an average of 20 hours per week over the six months
- Must meet national minimum employment standards
- Can’t displace an existing employee
- Can’t be a commission, subcontracting or self-employment position
Apprenticeships and traineeships are also eligible for Restart wage subsidies.
How do I apply?
To apply for a Restart wage subsidy, contact your local employment services provider within 12 weeks (84 calendar days) of the job starting.
Your local employment services provider will sign you up for the Restart wage subsidy and help you manage the payments over the six months.
So that’s it! Up to $10,000 to help your business and a super-keen new employee to boot. What are you waiting for? Call us on 1800 625 350 or email email@example.com
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1 Business, Work and Ageing, Profiting from Maturity: The Social and Economic Costs of Mature Age Unemployment, 2000.