Ministry of Social Development (MSD) figures from May show 25 per cent of all wage subsidy payouts were to firms with at least 100 employees. Of the $14b paid out through the scheme, that s around $3.5b to large firms.
Christel Yardley/Stuff
A number of New Zealand’s biggest retailers have reported profits, despite the Covid-19 crisis, so which ones are paying back the wage subsidy? Since August, a number of big businesses, particularly retailers, have reported significant profits despite the pandemic. Prime Minister Jacinda Ardern and leader of the Opposition Judith Collins both said in a leaders debate it was immoral for companies that posted a profit and paid dividends to have held on to the wage subsidy.