I was recently told that a number of grants exist as incentives to hire mature aged workers. Is this correct and, if so, what are they?
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You are correct, although technically, they are not grants. The Federal Government has two subsidies currently available for employers that hire mature aged workers. They’re called the Corporate Champions Program and the Restart Program.
The Corporate Champions Program provides support to employers who recruit and retain employees aged 45 years and over. The program provides a subsidy of up to $20,000 specifically to help your business access industry experts who can provide services like assessments of recruitment strategies, advice on positive age management, superannuation, and occupational health and safety.
For more information go to the Department of Employment website, www.employment.gov.au.
The second subsidy is the Restart Program. This program provides a wage subsidy of up to $10,000 (including GST) to you as an employer when you hire and retain mature aged job seekers for twelve months or more.
To be eligible, there are some criteria around who you employ. Essentially you need to employ someone who is at least 50 years of age and who has been unemployed and receiving income support for six months or more before commencing work. You will need to employ them for at least 30 hours per week for a continuous period of at least two years.
If you have employees who satisfy most of those conditions but who do not work full time, this subsidy can be claimed on pro-rata basis.
To apply for this subsidy, you need to contact your local provider of the Restart Program within 28 days of employing your worker. Go to the Department of Employment website, mentioned previously.
If you would like more information on this topic or have another tax question e-mail me at tax.albury@crowehorwath.com.au.
This information is general in nature and readers should seek specialist advice before making financial decisions.