Job Support Scheme Update
Chancellor Rishi Sunak has unveiled a new scheme to replace the Coronavirus Job Retention Scheme (CJRS) following the prime minister's most recent announcement, tightening Covid restrictions.
Most UK businesses will be curious about the impacts of the furlough scheme ending, and may wonder how they are going to retain staff as government support scales down. The government's response is the newly unveiled Job Support Scheme, which is set to open on 1 November 2020 and last for six months.
The scheme requires that employees work a minimum of 33% of their hours and be in viable jobs. For the remaining non-worked hours, the business will pay 33% as matched by the government. Therefore, employees working 33% of their hours will receive at least 77% of their pay. The amount of grant will be based on an employee’s normal salary, capped at £697.92 per month.
The scheme will be open to SME's across the country (even if they have not used the CJRS before). Large scale business will be eligible too, but only if they can prove that they have been seriously affected by the pandemic.
It is our opinion that the Job Support Scheme will prove helpful for many business that need help to retain staff. The Job Support Scheme is set to operate simultaneously to the Jobs Retention Bonus - Organisations would be wise to seek benefits from both schemes if they are eligible.
If you require support around checking eligibility, or if you want to find out how we can work in partnership with you to benefit your business, you can contact a member of the team on 01522 370190 or you can email us at email@example.com .