Historic win for working people as $130 billion wage subsidy passes

The Australian union movement had a big win last week with the passing of the JobKeeper Bill. The government has committed $130B to provide six months of wage subsidies. We stood together to demand support for workers and businesses facing down a pandemic, and we achieved a landmark policy victory.

What is JobKeeper?
JobKeeper is a payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. Eligible businesses that elect to participate will receive a payment of $1,500 per fortnight per eligible employee to support the people they employed as at 1 March 2020 who are retained in employment. Find out about JobKeeper here.

Are finance sector organisations eligible?
Some. The program eligibility guidelines specifically exempt any banking institution that was subject to the Major Banking Levy Act 2017. That means staff from the CBA, NAB, ANZ, Westpac, and Macquarie are NOT eligible for JobKeeper.

Non- Big 4, insurance, and other financial sector organisations
Members working for non- Big 4 banks and finance sector companies should read the information on the eligibility requirements and check the FSU website and Facebook for information updates. In order to allow for the implementation of JobKeeper there have been changes to the Fair Work Act that you can read about here.

Next steps
The most important action members can take right now is to speak to your colleagues and urge them to join the Union. Our strength in facing the future will be in our numbers. I need you to talk to and join your friends and colleagues to the FSU. I need you to talk them about protecting their long term interests and the best interests of their families. I need you to remind them that these aren’t normal times and that the one organisation that they can truly count on and who is there for you is the FSU. And I need you to do this asap.

In Unity,
Julia Angrisano

Contact Details

Finance Sector Union
Ph: 1300 366 378

Authorised by Julia Angrisano, National Secretary