Businesses now have further incentive to recruit a young person as their next employee, with the Federal government’s new Youth Bonus Wage Subsidy taking effect as of January 1 this year.
Employers may be eligible for a financial incentive of up to $10,000 when taking on a job seeker aged between 15 and 24. The job seeker is required to have been registered with a jobactive or Transition to Work (TtW) provider for six months or more, and work a minimum of 20 hours per week on average over the six month period of the payments being made to the employer. The Youth Bonus Wage Subsidy also applies to job seekers completing apprenticeships and traineeships, providing they comply with the eligibility criteria.
Previously, employers could receive up to $10,000 over a 12 month period for employing eligible job seekers of any age for a minimum of 15 hours per week.
Changes to the scheme will make it easier for eligible employers to access their wage subsidies sooner with greater ease, but also carry different terms of payment and agreement to previous years.
► For full details about the wage subsidies available to your business and the requirements for accessing them, contact the Australian Government’s Department of Employment.