Government to offer unemployment benefits starting July 1

A new scheme is in the works to assist unemployed individuals with new incentives to assist in fees, bond and rent for job seekers aged 18 – 30 years old. A total $157 million is allotted for this scheme, according to Minister for Employment, Eric Abetz.

Individuals will be receiving $2,500 for being employed for the first year, and an additional $4,000 for two years. Relocation assistance will also be provided – up to $6,000 for families moving to a regional area and $3,000 for those relocating to a city. Unemployed parents with dependents can receive up to $9,000 in government funding.

This government initiative is driven by the Social Security Legislation Amendment Bill of 2014, which also requires individuals to receive the Newstart Allowance or Youth Allowance Other for 12 months, provided that they are employed for a minimum of 12 months off benefits.

The relocation assistance is a replacement of the Move 2 Work initiative, which will expire on June 30 this year. All bonuses are tax free.

Read more about this on the Property Observer website.