Biden proposes federally funded subsidies to keep workers on payrolls

[RandySF]

Former Vice President Joe Biden on Thursday proposed federally funded subsidies for businesses to keep employees on payroll when they would otherwise need to lay them off in times of economic distress.

Biden, the presumptive Democratic nominee for president, called for the national adoption of state-run “short-time compensation” programs amid the drastic spike in joblessness caused by the coronavirus pandemic.

Such programs allow businesses facing financial peril to cut their workers’ hours with the federal government making up the difference in lost wages.

Short-time compensation programs are intended to fend off business bankruptcies and keep workers connected to their employers and their employment-linked health benefits during economic downturns. Doing so could help pave the way to quicker rebound when the economy begins to improve.

“We should be committed to keeping as many people as possible attached to their employment, so they can easily return to work when appropriate, and maintain their income and benefits,” Biden said in a statement.

“This is more than just the right thing to do — it is the surest road to a rapid recovery, because the faster everyone returns to their jobs, the faster we can improve demand and get our economy running again.”



https://thehill.com/policy/finance/493200-biden-proposes-federally-funded-subsidies-to-keep-workers-on-payrolls?__twitter_impression=true

[Cha]

1. Thanks for looking out, Joe Biden

[Budi]

2. He speaks with knowledge, wisdom & common sense

He knows 'what, how to, & when', because he knows his country, its Constitution & the undertaking necessary from bottom to top, to get all the gears moving in the same direction, again. Biden puts his many years of good governance to work.
He will serve us well.


"Functional governance for the good of a nation begats the same on a global scale".

~Budi

[ginnyinWI]

3. This was just mentioned in regard to Germany on NPR.

It's called "Kurtzarbeit" (short work) and it is governmental subsidies so that businesses can keep their employees on, even if they aren't working, and government pays about 60% of their salaries. It costs no more than unemployment would, and keeps the workforce together.