Job Market Monitor
Wage Subsidy
COVID and Wage Subsidy in UK – Intense pressure this weekend to offer a massive “second wave”
The chancellor Rishi Sunak is under intense pressure this weekend to offer a massive “second wave” of financial support to businesses within weeks amid growing fears of a catastrophic early summer of spiralling unemployment and company bankruptcies. With the government’s £40bn job-retention scheme running until the end of June, business groups and the Labour party … Continue reading
Coronavirus Job Retention Scheme in UK – Estimated total cost at as much as 56 billion pounds
Britain’s bailout battle is heating up before the first penny has even been paid in an unprecedented effort to save jobs amid the coronavirus pandemic. While more than half of U.K. companies are expected to apply for government grants to pay furloughed employees, critics say they expect too much of the cash to go where … Continue reading
COVID in UK – Job retention scheme extended by one month
The Treasury’s coronavirus job retention scheme paying 80 per cent of wages for furloughed workers is being extended by a month to the end of June, chancellor Rishi Sunak has announced.The move comes a day ahead of Saturday’s deadline for employers to issue redundancy notices for staff being laid off at the end of next … Continue reading
COVID in Canada – The Problem with Income Support (Update)
The die is cast. Canada’s governments can now count, at least temporarily, on four major measures to support the income of people affected by the COVID crisis, namely: 1. The Wage Subsidy amounting to 75% of salary up to a maximum of $ 3,388 per month ($ 847 X 4), offered to employers who maintain … Continue reading
COVID and Wage Subsidy – The true nature of it in Germany and France
In Germany, for instance, 650,000 employers had notified employment agencies by last week of their intention to make use of the country’s short-time work program. Under the system, employees have their hours scaled back, and the government pays them up to two-thirds of their normal salary, while the employer pays little or nothing. Once the … Continue reading
COVID in Canada – The Problem with Income Support
The die is cast. Canada’s governments can now count, at least temporarily, on four major measures to support the income of people affected by the COVID crisis, namely: 1. The Wage Subsidy amounting to 75% of salary up to a maximum of $ 3,388 per month ($ 847 X 4), offered to employers who maintain … Continue reading
COVID and Wage Subsidy in Ireland – A group of 570 employers had failed to set up the refund accounts
Trade union Unite has urged more construction sector employers to avail of the Government’s Covid-19 temporary wage subsidy scheme, saying it is “morally unacceptable” for profitable contractors to opt for layoffs instead. The union, which represents workers throughout the sector, has written to Minister for Finance Paschal Donohoe to express concern at the failure of … Continue reading
COVID and Wage Subsidy in Ireland – Some anomalies
While praise is due to civil servants who have turned these schemes around with unusual rapidity, there have also been anomalies, resulting in some people being better off being laid off than kept on by their employer – particularly those in lower paid jobs. RTÉ has been told of examples of younger workers, for example students with … Continue reading
COVID and Jobs in Europe vs US – The Partial Unemployment (wage subsidy)
The coronavirus pandemic has dramatically changed economic life across Europe and the United States. By confining people to their homes, leading them to spend far less money than they otherwise would, the West has seen a collapse in consumption, threatening the survival of a sweeping number and range of firms, from restaurants to airlines to … Continue reading
Wage Subsidies for Young People – Payroll tax reductions have moderate positive effect, targeted generous and long-lasting hiring subsidies can
Wage and hiring subsidy programmes have been part of the toolbox of Active Labour Market Programmes (ALMPs) for more than 30 years; the recent economic crisis has had a particularly detrimental effect on the labour market situation of youth and a number of European countries have introduced hiring subsidies as a means of fighting youth … Continue reading
Wage Subsidy for youth in South Africa / Employment Tax Incentive Act now in effect
President Jacob Zuma on Wednesday signed into law the Employment Tax Incentive Act, to take effect from January 1 – though it will apply to all young workers hired on or after October 1 this year. The promulgation of the controversial law brings to a close a fierce battle lasting more than two years in … Continue reading
Wage subsides for young workers brought forward in UK
Wage subsidies for firms hiring out of work 18 to 24-year-olds are to be triggered early in 20 deprived areas. Deputy Prime Minister Nick Clegg has announced that payments will be paid when young people have been out of work for six months instead of nine. The initiative is part of the government’s £1bn Youth … Continue reading
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