The Coronavirus Job Retention Scheme is ending on 31st October 2020 and last week the Chancellor announced the ‘replacement’ Job Support SchemeREGISTER NOW
This new scheme will start on 01 November and run for 6 months. The Treasury has issued the following factsheet and further guidance is expected shortly.
What do we know so far?
- It will start on 1 November 2020 and end on 30 April 2021
- “Viable jobs”- employers must demonstrate they have viable jobs, and employees must work at least 1/3 of their normal hours, for which the employer must pay their normal rate for those hours
- The government, together with the employer, will then increase those employees’ wages under the scheme covering 2/3 of the pay they have lost by reducing their working hours
- The government will pay a maximum of £697.20 per month
- All SMEs are eligible
- Larger employers will only be able to receive support if their turnover has fallen during the Covid crisis
- Employers who have not furloughed staff can also take part in the scheme
- Employers who are eligible for the Job Retention Bonus can claim under this scheme
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