COVID-19: Financial Support Options If You Are Stood Down

Published: 28 Mar 2020

The CFMEU, in conjunction with the PPTEU, issued this flyer on Friday, March 27, 2020, for members who are stood down during the COVID-19 pandemic.

You can download the flyer as a JPG and also as a PDF file

It outlines a number of financial support options that are available in these tough times. These include:

 

NEWSTART

The Federal Government has doubled the JobSeeker payment to $1100 per fortnight. They will also be waiving the asset test and wait time for new applicants. Apply at my.gov.au/services.

INCOLINK 

Eligible Incolink members with an available balance will now have access to a COVID-19 Payment of $2,000 per month taxed at 32%. This payment will be available in WorkerLink ONLY to eligible members. The $1,100 per fortnight together with $2000 per month means a minimum income of $2,000 per fortnight.

RENTAL/MORTGAGE ASSISTANCE

Rent assistance may be available to you. You can check your eligibility at servicesaustralia.gov.au. Mortgage relief may be available to you via your financial institution.

CoINVEST

If you are with CoINVEST and you are eligible to take long service leave (over 7 years' worth), you can claim your full wage paid each fortnight until your balance is exhausted. If you have under 7 years' worth, you can access one payment (a fortnight’s pay) of your long service leave as long as you have an available balance for that amount.

SUPERANNUATION

Up to $20,000 may be withdrawn from your superannuation tax-free. $10,000 before 30 June 2020 and an additional $10,000 in the next financial year (after 1 July 2020).

REDUNDANCY FUNDS

You can access your redundancy from Incolink. An initial $8,000 payment will be made upfront, followed by a further $8000 payment monthly until your full entitlements are exhausted.

 

NOTE: The situation with coronavirus is changing every day, so please be sure to refresh this page and check our Facebook page or dedicated site for updates.

>> facebook.com/cfmeuvic 

>> cfmeu-news.com.au/covid-19-information