July 9, 2020
I am sure, like most of us keeping an eye on the news to see what help, if any, is on the horizon, post-October deadline for Furlough might be, business owners were interested to hear the latest announcements yesterday from the Chancellor regarding introduction of a Job Retention Bonus.
How does this work?
This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees.
Who is eligible?
To be eligible, employees will need to:
- earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January
have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
have been continuously employed by you up until at least 31 January 2021.
How do you claim?
Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn.
Just a reminder….
Where you have staff currently furloughed, claims need to be in by 31 July for periods ending on or before 30 June.
Tapering of scheme- From 1 August
Businesses will no longer be able to use a CJRS grant to cover National Insurance (NI) and pension contributions for furloughed employees from 1 August. You can submit your August claim in advance, from 20 July.