The Prime Minister announced this afternoon that $5.3 billion has been paid out under the wage subsidy scheme, after New Zealand's economy was plunged into disarray due to Covid-19.
Jacinda Ardern said a total of 876,000 workers were now under the scheme, calling the multi-billion dollar figure "an incredible number in terms of money we’ve got out the door in just a few weeks".
She said the names of the companies that have accessed the wage subsidy scheme would be released "shortly".
"It will enable anyone… particularly employees to search the company name and see whether or not their company has been a recipient of the wage subsidy."
The scheme is $585.80 per week for full-time workers and $350 for part-time workers. It is paid in a lump sum over 12 weeks. Overall, a full time worker is a total payment of $7,029.60. Businesses need to have had a 30 per cent or more decline between January to June 2020.
Changes announced last month require employers to pay their employees 80 per cent of their income pre Covid-19. If this is not possible then employers that take up the scheme must pass on the entire wage subsidy to their employee.
They are also required to keep their workers in employment for the period of the wage subsidy scheme.
Last week, National leader Simon Bridges questioned Mr Robertson on the amount paid out under the scheme, asking whether the amount was enough to keep workers in some jobs, suggesting it be moved up to the median wage.
He called a potential increase a "much more realistic proposition for larger and higher wage businesses".
Finance Minister Grant Robertson said the level was chosen as it was the maximum level of the Paid Parental Scheme, but they would continue monitoring it.
The estimated cost of the wage subsidy scheme jumped in only ten days from $5.1b on March 17, to an estimated cost of between $8b to $12b on March 27.
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