As India waits for the second stimulus, world over governments are still pulling out the stops to shore up both employers and employees. Here’s a roundup of the most notable measures.
Canada:
Aid to firms to keep
jobs: $27 billion in direct support; Allows employers to retain employees; 75% wage subsidy for firms facing 30% revenue drop.
Direct
income support: $2,000/pm for 4 months to jobless; $1,250/pm for 4 months for recent graduates; Support for self-employed, part-time workers.
France:
Aid to firms to keep jobs: Extension of short-time work schemes; 100% wage subsidy at minimum wage, 84% of higher wages.
Direct income support: One-off €1250 for craftsmen, retail traders; Fund for very small businesses; Hiked unemployment benefi ts; Job insurance for those whose hiring got suspended.
Germany:
Aid to firms to keep jobs: Companies accept reduced working hours/retaining jobs; Companies compensated for this, rates hiked recently.
Direct income support: Compensation for self-employed/freelancers; Hiking unemployment benefits.
Italy:
Aid to firms to keep jobs: Short-time work schemes extended to all companies
Direct income support:
Basic income scheme extended; Support for irregular workers; €600 one-time for self-employed, seasonal workers.
Japan:
Aid to firms to keep jobs: Employment subsidy coverage increased; Wage subsidy rate raised to 80% for SMEs; And 66% for large enterprises; Rate higher for enterprises that don’t lay off.
Direct income support: ¥100,000 for all citizens; Loans up to ¥200,000 for households which have lost income; 1-yr postponement of all taxes if business income has fallen 20% or more.
Spain:
Aid to firms to keep jobs: More liberal temporary employment adjustment schemes, Applies to all workers affected by employment suspension or working time reduction.
Direct income support: Extended unemployment benefi ts; 6-month tax moratorium for self-employed; Loan relief for vulnerable groups.
Turkey:
Aid to firms to keep jobs: Criterion of “not laying off workers” introduced, employers who don’t get short-time working allowance assistance.
Direct income support: $ 308 million for families in need.
UK:
Aid to firms to keep jobs: Government will cover 80% of wages of retained workers. For this, grants to companies and organisations.
Direct income support: Easier credit, tax relief for many employees; New income support scheme for self-employed.
US:
Aid to firms to keep jobs: 50%- 100% wage subsidy if work hours are reduced and no one is laid off.
Direct income support: $600 per week hike in jobless benefi ts for 4 months; $1200 for each adult and $500 for children for lower and middle income groups; Self-employed eligible for unemployment benefits.
Brazil:
Aid to firms to keep jobs: Firms can reduce working hours and pay up to 50%; Credit for wage subsidy for SMEs to cover two months of wages.
Direct income support: Income support scheme extended; $120 for three months for informal workers.
Russia:
Aid to firms to keep jobs: SMEs can take a 6-month zero interest loan to pay salaries provided no one is laid off for the entire loan period.
Direct income support: Unemployment benefi t of $166/month ($266 in Moscow); Automatic extension of social benefits.
Source: OECD