Great news that the job retention scheme has been extended which will come as a huge relief to many employers and employees!
The scheme to pay wages of workers on leave because of coronavirus will be extended to October, Chancellor Rishi Sunak has confirmed. He said the government-backed workers and companies going into the lockdown, and would support them coming out. He also confirmed that employees will continue to receive 80% of their monthly wages up to £2,500 and has promised workers they will not see a dip in their salary until it ends. He said the government will ask companies to “start sharing” the cost of the scheme from August. Full details of how much firms will pay are still being worked on but there have been indications that Mr Sunak aims to cut the Treasury contribution from 80 per cent of wages to 60 per cent but this is to be confirmed.
Also, to support the transition back to work employers currently using the scheme would be able to bring furloughed employees back part-time.
Further details about the scheme extension are available at: www.gov.uk/government/news/chancellor-extends-furlough-scheme-until-october
If you need any advice about this change applies to your business, please give us a call and we are happy to support you.