Does your firm qualify for the coronavirus job retention scheme?

New guidance has been issued to employers on how to claim through the UK government Job Retention Bonus.

The initiative will work alongside the new Job Support Scheme, which launches on 1 November, and could be worth more than 60% of average wages of workers who have been furloughed and are kept on until the start of February 2021.

Businesses can claim for the bonus, designed to continue to support jobs through the UK’s economic recovery from coronavirus, from 15 February until the end of March.

Employers will still be able to claim even if they are receiving support from the Job Support Scheme, which will protect jobs in businesses facing lower demand over the winter months due to coronavirus.

The £1,000 Job Retention Bonus is equal to a 20% wage subsidy for the employment costs of the average person previously furloughed, but for those on lower incomes, it equates to 40% of wage costs over the three-month period to the end of January 2021.

Chancellor Rishi Sunak said: “The Job Retention Bonus is an additional boost employers can receive on top of the extensive support we’ve already put in place for businesses, including loans, grants and our new Job Support Scheme.

“I know how hard employers have worked to bring furloughed staff back, and this bonus, equal to a 20% wage subsidy, will help ensure they continue to retain them.”

Through the Job Support Scheme, the government will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand. The scheme will be open to employers across the UK even if they have not previously used the furlough scheme.

Check your eligibility and find out how to apply by clicking here.

 

Sprift 3 end of article
x

Email the story to a friend

One Comment

  1. AlwaysAnAgent

    With the market the way it is, it’s unlikely many agents will need to use Furlough Mk 2. Conveyancers and mortgage lenders are already struggling due to staff shortages and they’re heading straight for a bottleneck in new year.

    More staff needed, less furlough.

    Report
X

You must be logged in to report this comment!

Comments are closed.

More top news stories

New online immigration checks ‘could give rise to even greater discrimination’

Continue Reading ...

Tinder-like property portal app continues to offer agents free listings for 12 months

Continue Reading ...

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.