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Coronavirus: Job Retention Scheme

The government has announced measurers to help businesses cover their employee’s wages, as an alternative to laying them off or making them redundant.

Things are changing all the time but in summary the proposals are:

  1. The scheme is open to any businesses – small, large, charitable or non-profit.

  2. Businesses will have to designate employees as “furloughed workers” – grant them leave of absence so they remain on the payroll but are no longer required to work.

  3. Businesses apply to HMRC for a grant to cover the wages – a system is being set up as a matter of urgency.

  4. 80% of salary up to a maximum of £2,500 per month (being considered the median salary).

  5. Businesses are free to top up if they wish.

  6. Grants are backdated to 1 March 2020 once HMRC have set up the system.

  7. Initially for three months but may be extended.

  8. First grants to be paid within weeks with an aim that all are done before the end of April 2020.

For further information and to keep up to date:

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