Job Retention Scheme – 31st July deadline
This is a reminder to companies planning to make a Coronavirus Job Retention Scheme claim for the period ending on or before 30 June, make sure it’s completed by 31 July, as this is the last date to make those claims.
From the 1 August the Job Retention Scheme will no longer fund employers’ National Insurance and pension contributions, for furloughed employees. These payments will need to be made by employers.
Starting on 1 September, employers will have to begin contributing to the wages of furloughed employees. Grants will be 70% of usual wages in September and in October, it will reduce to 60%, but furloughed employees will continue to be entitled to receive at least 80% of their usual wages. The difference will have to be paid by employers.
Job Retention Scheme Bonus
The Chancellor recently announced a one-off payment of £1,000 to all employers who have claimed under the Job Retention Scheme for each furloughed employee who they keep in continuous employment until at least 31 January, as part of the government’s Plan for Jobs.
The government has promised more details on how this will work by the end of July 2020 and the team here at England and Company will, of course, keep you updated in our detailed Briefings.
If you would like further advice or assistance contact us on 01202 880384 or firstname.lastname@example.org
Chartered Accountants & Business Advisors