Chancellor Rishi Sunak has today announced workers across the UK will benefit from increased support with a five-month extension of the furlough scheme. The scheme will now be extended until the end of March.
The furlough scheme was initially extended until 2 December. However, the government is now going further so that support can be put in place for long enough to help businesses recover and get back on their feet – as well as giving them the certainty they need in the coming months.
Employers will only be asked to cover National Insurance and employer pension contributions for hours not worked.
The extension will be reviewed in January to examine whether the economic circumstances are improving enough for employers to be asked to increase contributions.
- The Job Retention Bonus (JRB) has now been suspended and will be reintroduced at a later date.
- The furlough extension is just one element taken from the package of support the government has set out for businesses including;
– more than £65 billion in government-backed loans, which have now been extended until 31st January
– deferral of VAT payments
– business rates holidays
– generous grants for hospitality, leisure and retail businesses
– a moratorium on eviction for commercial tenants
– The Statutory Sick Pay Rebate Scheme
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