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The Coronavirus Job Retention Scheme Has Been Extended

Employees now have support until October ...

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POSTED BY ROGER EDDOWES ON 14/05/2020 @ 8:00AM

Chancellor Rishi Sunak has announced that the Coronavirus Job Retention Scheme will be extended for another four months, until October 2020 ...

The extension to the Coronavirus Job Retention Scheme is a welcome move by the Chancellor!

The extension to the Coronavirus Job Retention Scheme is a welcome move by the Chancellor!

copyright: stillfx / 123rf

This welcomed extension means that employers will be able to bring back furloughed employees on a phased, part-time basis, allowing the Government's plan to re-open the economy in stages go ahead as planned.

"Over 7.5 million jobs have been furloughed
across the United Kingdom!"

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.

Until next time ...

ROGER EDDOWES
Business Godparent

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.