New Zealand’s Robertson: Wage subsidy may cost NZ $12 billion

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New Zealand’s government coronavirus wage subsidy plan may now cost as much as NZ $ 12 billion and the government is making modifications to the plan, Finance Minister Grant Robertson said on Friday. 

Key quotes

The pandemic has moved fast.

the Government will make further moves to cushion the impact from businesses.

The current sick leave scheme is being folded into the wage subsidy scheme to prevent “double-dipping”.

The scheme is being run in a “high trust model”.

Employers are still expected to pay their employers 80% – but all workers now must receive the full value of the subsidy. 

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