10th Nov 2020, 6:42 PM – Senate Economic Recovery Package (Jobmaker Hiring Credit) Amendment Bill 2020 - in Committee - Executive bonuses

The same number of senators voted for and against an amendment introduced by West Australian Senator Louise Pratt (Labor), which means it was unsuccessful.

Amendment text

(1) Schedule 1, page 3 (before line 27), before item 5, insert:

4E After section 7

Insert:

7E Requirements for rules that provide for jobmaker hiring credit scheme—ineligibility for paying increased executive bonuses

(1) This section applies if rules are made for the purposes of subsection 7(1A) that provide for a kind of payment known as the jobmaker hiring credit.

(2) The rules must provide that an entity is not eligible for the payment at any time during the relevant period if:

(a) during the period beginning on 1 March 2020 and ending at the end of the relevant period the entity pays a bonus to an executive or other officer of the entity; and

(b) the Commissioner is satisfied that the amount of the bonus exceeds the amount of the last such payment made by the entity to the officer.

What does the bill do?

According to the bills digest:

The purpose of the Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 (the Bill) is to amend the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 (the Payments and Benefits Act) to enable payments to be made to help improve people’s prospects of gaining paid employment or to increase workforce participation, between 7 October 2020 and 6 October 2022.

The Bill also allows for the establishment of a scheme related to one or more of the payments intended to help improve people’s prospects of gaining paid employment or increasing workforce participation.