COVID-19 Business Updates for 12 May 2020

The announcement from the Chancellor today confirmed the extension of the Coronavirus Job Retention Scheme.

The extension means the scheme will continue in it’s current form, with the government continuing to fund 80% of your furloughed staff’s wages, until the end of July.Between August and the end of October they will offer support that will be shared with the employer.

The employee will continue to receive 80% of their monthly wage, up to the limit of £2,500, but instead of the government funding the full 80%, as they do currently, they will be looking at reducing this gradually, so maybe 60%, with the employer funding 20% and then down to 40/40 etc etc.This second phase will be helping to get staff back to work perhaps on a part time basis. 

The full details of the percentage support changes between August and October will be announced by the end of May, so we will bring you that when we have it.