The wage subsidy has paid out $6.6 billion so far, representing 41 per cent of New Zealand's workforce, after yesterday saw almost $1.3b paid to businesses.
"The wage subsidy scheme has provided support to preserve the jobs of over 1 million New Zealanders," Prime Minister Jacinda Ardern said today.
Ms Ardern said almost 10,000 applications were made yesterday alone.
Already exceeding its original estimate of $5.1 billion, the pay out comprises of 914,931 employees and 158,198 sole traders - 41 per cent of the New Zealand workforce.
Finance Minister Grant Robertson said they would not "be able to save every job and every business, but we are making sure people have the underlying support they need to get through this".
The scheme is $585.80 per week for full-time workers and $350 for part-time workers. It is paid in a lump sum over 12 weeks. Overall, a full time worker is a total payment of $7,029.60. Businesses need to have had a 30 per cent or more decline between January to June 2020.
The estimated cost of the wage subsidy scheme jumped in only 10 days from $5.1b on March 17, to an estimated cost of between $8b to $12b on March 27.
Changes announced last month require employers to pay their employees 80 per cent of their income pre Covid-19. If this is not possible then employers that take up the scheme must pass on the entire wage subsidy to their employee.
They are also required to keep their workers in employment for the period of the wage subsidy scheme.
Last week, National leader Simon Bridges questioned Mr Robertson on the amount paid out under the scheme, asking whether the amount was enough to keep workers in some jobs, suggesting it be moved up to the median wage.
He called a potential increase a "much more realistic proposition for larger and higher wage businesses".
Finance Minister Grant Robertson said the level was chosen as it was the maximum level of the Paid Parental Scheme, but they would continue monitoring it.
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