What is Jobs Victoria Fund?
If you are a Victorian employer ready to take on new staff, the Jobs Victoria Fund can financially support you to employ people who have been most affected by the economic impacts of the pandemic.
Wage subsidies can be used to meet the costs of taking on new employees for the first 12 months of employment.
Recent Update
The Victorian Government is making changes to the Fund so that more businesses and employees are eligible. New guidelines will come into effect on 16 November 2021. The key changes include:
- The eligible payroll threshold is now $40 million (up from $20 million)
- Employers now have 16 weeks after an employee commences to apply for the wage subsidy (up from 12 weeks)
- People who are underemployed are now eligible when they are working at least 10 hours per week more than they were in their previous job
- People who have a disability or provide constant care and are working between eight to 19 hours per week are now eligible
- Single parents are now a priority group and are eligible for up to a $20,000 subsidy
- Veterans are now eligible for up to a $20,000 subsidy (up from $10,000)
- Businesses can now apply for up to 30 wage subsidies, depending on the size of their business (up from 20 full-time equivalent employees). The level of the wage subsidy available is calculated pro rata based on whether the job is full- or part-time. For the purposes of this Fund, full-time employment is 38 hours per week and any part-time jobs must be for a minimum of 19 hours per week.
- Businesses will be eligible for more funding if they increase their employee’s regular hours over the life of the Grant Agreement.
Jobs Victoria wage subsidies of up to $20,000 are available for eligible employers who hire eligible jobseekers.
The Jobs Victoria Fund financially supports these priority jobseekers into work:
- women aged over 45 years
- jobseekers who are long-term unemployed (unemployed for six months or more)
- jobseekers registered with a Jobs Victoria partner
- Aboriginal and/or Torres Strait Islander people
- people with disability
- people seeking asylum/refugees
- newly arrived migrants from non-English speaking backgrounds
- young people aged under 25
- people over 45 years
- veterans
- people previously employed under the Working for Victoria initiative.
If you submit an application after 10am 16 November 2021 you will be considered under the updated guidelines.
Chang Accounting Advisory Pty Ltd, we are CPA practice and tax agent. If you or your families or friends need our services, please feel free to contact our team for any assistance.
This article is for informational purposes only and does not form part of our advice. This article is based on Jobs Victoria Fund guideline. Please contact our team if you need any assistance.
Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, wechat: clairechang26
Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, wechat: michellejc
Claire Chang