CORONAVIRUS JOB RETENTION SCHEME EXTENDED FOR ANOTHER FOUR MONTHS

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A few hours ago Chancellor of the Exchequer, Rishi Sunak,  announced that the Coronavirus Job Retention Scheme (CJRS) will continue until the end of October this year and that all furloughed workers across the UK will continue to receive 80% of their current salary, up to the current monthly cap of £2,500.

The Chancellor has stated that a measure of  flexibility will be introduced to the scheme from August to get employees back to work and boost the economy.

The scheme had been due to come to an end on 30 June, but it will continue in its present form until 31 July with some changes to be introduced on 1 August.

From August furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff. We understand that there will be a tapering off of government support over the final three months of the CJRS scheme.

Under the proposed changes employer payments will substitute the contribution the government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month.

More specific details and information around its implementation will be made available by the end of this month.

The government will also explore ways through which furloughed workers who wish to do additional training or learn new skills are supported during this period.

SRC-Time are one of the South East’s leading accountancy firms in advising individuals and businesses in all aspects of their accounting and tax affairs and we are able to assist in any issue raised above.

Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at info@src-time.co.uk  or speak with an account manager to get any process started.


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