How high will our unemployment rate go?

I know of two people who only lost their jobs in this past week. I think there is more pain to come. A domino effect will begin.

I don't really trust the unemployment rate due to its narrow criteria. If people give up on looking for work, the unemployment rate goes down (decreased workforce participation).

I'm glad more people are paying attention to underemployment these days. High underemployment explains why we can have wage stagnation while the unemployment rate is supposedly low.

 

I was working for the 2nd biggest builder in S.A.They made 15 people redundant late February, including me.Tough times ahead.

 

also, consider how many businesses will close up when jobkeeper finishes

 

Please refer to Jobkeeper rules on the ATO website I have previously advised you.
1) Incorrect - If a person is made redundant they are no longer an eligible employee (most identified through STP). Jobkeeper requires the employee to be paid ongoing a minimum of $1500 per fortnight.
If made redundant the employer can no longer receive Jobkeeper for that redundant employee to pay towards redundancy payouts.

2) this is possible

3) this is possible.

 

Sorry to hear that and I hope you find something soon if you haven't already.

 

Do you even read what people write? It says you can use the job keeper to pay out a retrenchment period? Ie you can use jobkeeper to pay for their last few weeks of employment.
I suggest you keep your advice to something you know about.

 

Thanks, i am more worried for the building contracts in place.

 

Jobkeeper is the life support system. The real challenge will be when life support is turned off.

 

A lot of Adelaide builders have gone to the wall over the last two years. At one stage, there was a builder going broke each week.

Now conditions are even worse. Boral has shut a roofing plant today and will close a cement kiln in June as there is no demand.

 

I‘d suggest I do but obviously you don’t.

I have referred you to the ATO and the legislation before which obviously you haven’t read. Then you claimed your exact quotation was ‘taken out of context’. Lol.

To be clear - once an employee is terminated they are no longer an eligible employee.

See ATO website:

Your eligible employees

Employees who have been terminated
If you terminated an employee after 1 March 2020, you can re-engage them and they will be eligible if they met the eligibility criteria on 1 March 2020.

If you want to claim the JobKeeper payment for employees you have re-engaged, you will need to:

• confirm they want to be re-hired and participate in the JobKeeper Payment Scheme

Also try sections 2.3 & 2.4 of the NTAA Jobkeeper release:
https://ntaa.com.au/media/coronavirus-news/2020/858/the-jobkeeper-payment-scheme

So your previous quote is again incorrect. Employees who are terminated must be re-employed & paid a minimum of $1500 per fortnight to be potentially eligible for Jobkeeper.


“1. All businesses that can’t keep staff will terminate them once jobkeeper nearly up and use jobkeeper to pay out any retrenchment periods“


If the employee receives an eligible termination payment, they may also be tax free to the employee depending on Individual circumstances.

You are now changing your position to their last few weeks before the termination date - this would be eligible as they are still employed and it is not paying out a retrenchment period.

I will accept your apology here, but if as I expect it is not forthcoming, please refrain from trolling and also providing incorrect information to other forum users purporting it to be as fact.
Some may not be aware of the correct information.

Have a nice weekend and enjoy the sunshine! ☀️

 

Breaking ... Treasury has admitted "significant mistakes" in JobKeeper reporting. Number of people on JobKeeper closer to 3.5m rather than more than 6m. Cost likely to be $70 billion rather than $60 billion. Update on SMH/Age soon...

 

Fewer people but more cost? Interesting.

 

Looks like this tweet was wrong now from David Speers: Breaking: Big revision on JobKeeper numbers. Treasury & ATO say a reporting error by around 1,000 businesses, means they can now revise DOWN the number of recipients from 6.5m to 3.5m. JobKeeper now estimated to cost taxpayer $70b instead of $130b.

 

Thats exactly right..... we haven’t seen anything yet

More bad news, and this is happening practically every month, someone shutting shop


Up to 75 Target stores to close in massive restructure

 

sorry to hear this

my daughter was made redundant last week, its a worry

hope

 

Unbelievable mistake! just unbelievable how can they get it that wrong!

 

MTR, you could be the next Martin North. Your doom and gloom over the past few weeks is getting hard to bear

 

Yep. Makes you wonder what other figures they are getting wrong. Others less scrutinized..

 

Lol
Sorry, did not mean to be so negative

I did vote 9%-12% unemployment, looking at this poll, similar to most here

 

JobKeeper numbers overestimated by 3 million because of mistakes on application forms

"The number of people on JobKeeper has been revised down by 3 million, with Treasury and the Australian Tax Office (ATO) blaming businesses for making "significant errors" in their applications.

The estimated cost of the program has been nearly halved from $130 billion to about $70 billion".

It's always somebody else's fault just like when the Centrelink site crashed it was blamed on hackers. A day later it turned out that the site wasn't built to handle the unusually high volume of users.