Free download: Furlough Scheme extension guide
On Wednesday 3rd March, Chancellor Rishi Sunak unveiled his budget plans to the Commons.
One of the most significant elements of the announcement was the extension of the Coronavirus Job Retention Scheme. Sunak announced that the scheme will be extended to the end of September, giving thousands of business owners a few more months of certainty as the nation begins the road out of lockdown.
Although there are no changes to the employee’s entitlement under the scheme, employers will be asked to start making contributions to the furlough payment employees receive for hours not worked. From 1 July, employers will be asked to make a 10% contribution to their employees’ furlough payment. Then, in August and September, that contribution will rise to 20%.
The government also released some important guidance that extends eligibility for the scheme for both employees and employers for claim periods starting on 1 May 2021.
Citation’s experts have outlined in this guide some key points to bear in mind so you can understand how this extension is likely to affect your business.
Marketing Executive