The Chancellor Rishi Sunak anounced yesterday a further extension to the Coronavirus Job Retention Scheme.
- The scheme is being extended for a further 4 months and will run until the end of October 2020.
- The Chancellor confirmed that furloughed employees will continue to receive 80% of their monthly wages up to £2,500.
- The government will ask companies to "start sharing" the cost of the scheme from August. Further details will be released to clarify the details.
- The chancellor also said that from August, the scheme would continue for all sectors and regions of the country but with greater flexibility to support the transition back to work. Employers currently using the scheme will be able to bring furloughed employees back part-time.
So far, the Coronavirus Job Retention Scheme has enabled 7.5 million roles to be furloughed, which may otherwise have been lost.
Please contact us if you would like any further advice on the scheme.