Japan Employment Adjustment Subsidy Payments Top 5 T. Yen
Tokyo, Dec. 13 (Jiji Press)--Japan's labor ministry revealed Monday that the cumulative amount of employment adjustment subsidies provided or set to be provided by the Japanese government has exceeded 5 trillion yen since March 2020.
The amount increased after the government introduced a special measure under its employment adjustment subsidy program to help businesses maintain jobs amid the COVID-19 pandemic.
The government has decided to inject additional funds into the program. Inevitably, however, the employment insurance premium rate will have to be raised next fiscal year, as the financial situation of the insurance system remains severe.
Under the employment adjustment subsidy program, the government shoulders part of the leave allowances that companies pay to workers put on paid leave. The ministry has raised the rate and daily limit for the subsidies as a special measure amid the pandemic.
As a result, the cumulative amount of employment adjustment subsidies that have been decided to be paid totaled 5,046.2 billion yen from March 2020 to Friday.
[Copyright The Jiji Press, Ltd.]