Job retention scheme: How long can you claim 80% of your salary for? When does scheme end?
Earlier this month the Government unveiled a number of measures to help protect UK businesses during the coronavirus pandemic. One new development is the coronavirus job retention scheme, which will help people to retain their job during the crisis.
Chancellor Rishi Sunak said: “Any employer in the country – small or large, charitable or non-profit – will be eligible for the scheme.
“Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but are furloughed and kept on payroll, rather than being laid off.
“Government grants will cover 80 percent of the salary of retained workers up to a total of £2,500 a month – that’s above the median income.
“And, of course, employers can top up salaries further if they choose to.”
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What is the coronavirus job retention scheme?
The coronavirus job retention scheme is one element of the Government’s financial package to help UK businesses during the coronavirus pandemic.
Under the scheme, employees who would otherwise have been made redundant at this time can stay on their company’s payroll as a ‘furloughed worker’.
Instead of their employer, HMRC will reimburse up to 80 percent of an employee’s wages, to a maximum of £2,500 per month.
How long can you claim on the coronavirus job retention scheme?
Director at Unity Mutual Steve Code told Express.co.uk the coronavirus job retention scheme is intended to help “preserve and nurture the UK jobs market”.
He said: “UK workers, for any employer within the scheme, will keep their jobs and the government will pay up to 80 percent of their wages, up to a total of £2,500 per month, backdated to March 1.
“In essence, it is a scheme designed to preserve and nurture the UK jobs market and to maintain stimulus in the economy.
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“The scheme will initially operate for three months (with a possible extension), and is a government grant rather than a loan.”
Chancellor Rishi Sunak introduced a number of financial relief measures this month to help support businesses during the COVID-19 outbreak.
Although the coronavirus job retention scheme is only currently in place for three months, Mr Sunak has acknowledged it could be extended if the outbreak continues.
More details on the scheme are expected to be released by HMRC in due course.
Who is eligible to claim from the scheme?
All UK businesses are eligible to make a claim to the coronavirus job retention scheme.
The UK Government is working urgently to set up a system to process the claims.
Existing systems are not currently in place to deal with making payments to employers.
Do you have any questions about the coronavirus, self-isolating or the Government lockdown?
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