7 February 2022<\/p>\n
New Zealand has started consultations on a proposed income insurance scheme that would support workers made redundant, laid off or forced to step aside because of a health condition or disability.<\/p>\n
The scheme has been designed by the Government, Business New Zealand and the New Zealand Council of Trade Unions and would provide 80% of a persons usual salary for up to seven months, up to the current Accident Compensation Corporation (ACC) cap.<\/p>\n
Finance Minister Grant Morrison says the scheme is an enduring solution to protect people and the economy after job losses.<\/p>\n
As New Zealand moves beyond the economic and social impacts of COVID-19, there are important lessons to be learned from the way we were able to support one another through an unprecedented series of challenges, he said.<\/p>\n
During covid, the Wage Subsidy Scheme and Resurgence Support Payment was primarily focused on keeping people in their existing jobs and supporting businesses most directly affected by the pandemic.<\/p>\n
Our proposed scheme provides economic security to individuals directly, and supports them to transition into a good, new job, as opposed to economic support packages which keep people in their existing job even if that role is no longer viable, Mr Robertson said.<\/p>\n
The scheme would be administered by ACC and would be funded by levies on wages and salaries, with both workers and employers paying an estimated 1.39% each.<\/p>\n
The consultation closes on April 26.<\/p>\n
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New Zealand consults on income insurance scheme - Regulatory & Government - Insurance News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 7 February 2022 New Zealand has started consultations on a proposed income insurance scheme that would support workers made redundant, laid off or forced to step aside because of a health condition or disability. The scheme has been designed by the Government, Business New Zealand and the New Zealand Council of Trade Unions and would provide 80% of a persons usual salary for up to seven months, up to the current Accident Compensation Corporation (ACC) cap Continue reading