Agents who have furloughed staff have been promised a £1,000 payment from the Government if they bring workers back and employ them through to January.
The Job Retention Bonus was announced for all employers by Chancellor Rishi Sunak during his economic update to the House of Commons yesterday.
All UK employers can get a one-off payment of £1,000 for every furloughed employee who remains continuously employed through to the end of January 2021.
Employees must earn above the lower earnings limit of £520 per month on average between the close of the Coronavirus Job Retention Scheme – which shuts at the end of October – and the end of January 2021.
Payments will be made from February 2021.
Sunak said: “It is vital people aren’t just returning for the sake of it – they need to be doing decent work.
“For businesses to get this bonus, the employee must be paid at least £520 on average, in each month from November to January.
“We will pay the bonus for all furloughed employees.
“If employers bring back all 9m people who have been furloughed, this would be a £9bn policy to retain people in work.
“Our message to business is clear: if you stand by your workers, we will stand by you.”
It is unclear if this would apply to employers who have already brought staff back.
The Treasury said further details about the scheme will be announced by the end of July.
Josh Rayner, chief executive of Rayner Personnel, said the bonus would be a boost for firms in the property sector that have been hit by the uncertainty of Brexit and the paralysis of Covid-19.
He said: “With the property industry particularly hard hit due to lockdown, it should go some way in bringing the sector’s workforce back to full strength, as well as the wider nation.
“A big hand for Rishi Sunak. His magic money tree seems to know no heights.”
As useful as a chocolate tea cup!!!
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RichardHills61 – We furloughed/unfurloughed only 1 staff member for a short time, so £1000 receipt next February will be most welcome…
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If owners can keep their staff on board until the end of October on the furlough scheme and redundancy is a serious consideration thereafter, perhaps employers can use this money to pay them a few hundred quid a month on a very part-time basis for the following months, topped up by the employer to reach the minimum £520pm – just to see what transpires in the New Year.
Clutching at straws I know but we have to be imaginative.
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What furloughed member of staff who’s employed full time would hang around in November/December/January at the minimum of £520?
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If an agent can’t make money during a period of zero stamp duty, and needs to rely on Government handouts, they need an urgent career change.
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