The Government’s 2021 Budget will help accelerate the country’s recovery from the economic hit caused by the Covid-19 outbreak, says Richard Klipin, CEO of the Financial Services Council.
“The Government’s priorities around wellbeing outcomes for New Zealanders are closely aligned with the FSC’s,” says Klipin. “We are committed to helping the financial services sector play its role, particularly in working towards a sustainable economy and supporting improved health outcomes for all New Zealanders.”
Klipin also notes the Government’s intention to explore a social unemployment insurance scheme. The proposed scheme would pay out about 80% of someone’s wage for a short – but unspecified – period of time if they are made unemployed.
Minister of Finance Grant Robertson says: “Covid-19 has exposed how vulnerable employment can be, and the risk to dramatic income loss from employment to unemployment.
“Finding a job takes time, and many workers may accept lower-paid jobs that don’t match their skill-sets, because financial pressures mean they need work quickly.”
Klipin says: “We look forward to working with the Government, Business New Zealand and the Council of Trade Unions to get a better understanding of what they are wanting to achieve in this area and the role that private insurance providers can play in that.”