Chancellor Rishi Sunak has announced that the Coronavirus Job Retention Scheme will be extended for another four months, until October 2020 ...
The Government is providing a total of 8 months of support for UK employees and businesses during the Coronavirus outbreak. Furloughed workers will continue to receive 80% of their current salary, up to a maximum of £2,500 per month.
The Chancellor said that until the end of July, there will be no changes whatsoever but from August to October, there will be more flexibility to support the transition back to work. Full details on this plan will be announced before the end of May.
One of the best quotes I've heard from Rishi Sunak has been, "We stood behind workers and businesses as we came into the crisis, and we will stand behind them as we come out the other side." It shows the real support the Government has for businesses across the country.
Both Unions and industry groups see this as a positive move though the detail hasn't been announced and we'll have to see what the plan says when it's announced later in the month.
But there is a caveat here! The Chancellor made it very clear that employers who choose to bring their workers back part-time will have to cover a larger share of the employees' salaries so the 80% value will need to reduce accordingly!
I think the Chancellor's announcement is fair, and a very positive move from this progressive Government. I'll give you more details on these changes to the Coronavirus Job Retention Scheme as I get them.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.