Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme until the end of April next year.
The government has also confirmed that it will continue to contribute 80% towards wages, whereas previously this was to be reviewed from the end of January.
Employers will therefore only be required to pay the wages, National Insurance (NI) contributions and pensions for hours worked, as well as NI contributions and pensions for hours not worked.
We understand that the eligibility criteria for the scheme will remain unchanged.
The Chancellow also confirmed he would be extending the government-guaranteed Covid-19 business loan schemes until the end of March 2021.
Link to related article: https://www.gov.uk/government/news/chancellor-extends-furlough-and-loan-schemes
- 1 min read