The Chancellor has today announced the below update on the Coronavirus Job Retention Scheme (Furlough scheme). We have summarised this below:
- Scheme extended to the end of October 2020
- Scheme will keep funding the wages at 80% up to £2,500.00
- Scheme will continue in full until the end of July
- Workers can return in July part time and wages will then be paid in part by the employer and part by a furlough claim
- The amount that the employer will have to pay has yet to be decided, although Rishi Sunak said that the government would take care of “the lions share “
- Part time Furloughing to be allowed going forward August to October
- Further information to be published by the Treasury on 31 May 2020
As usual we will update you as we hear any further news. Please don’t hesitate to contact us in the meantime.
You can also check out our client hub of Covid-19 business guidance and resources which will include all the available Government Grants and other supports to help you and your business survive.
You can access the Barnett Ravenscroft COVID-19 resource centre using the below link:
If you have queries regarding any of the support available, we would be delighted to help. You can get in touch on our contact page here.
Ben and Richard