Additional information on the Job Retention Bonus has been released, including details on how to check if you’re eligible and what you need to do now to get ready to claim.
Job Retention Bonus
Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to the end of January 2021.
To be eligible, the employee must have received earnings in November, December and January, and must have been paid an average of at least £520 per month, and a total of at least £1,560 across the three months.
As the employer, you will be able to claim the bonus after you have filed PAYE information for January 2021, and the bonus will be paid from February 2021. More detailed guidance, including how you can claim the bonus online, will be available by the end of September.
What you need to do now
If you intend to claim the Job Retention Bonus you must:
- ensure all your employee records are up to date
- accurately report employees’ details and wages on the Full Payment Submission (FPS) through the Real Time Information (RTI) reporting system
- make sure all of your CJRS claims have been accurately submitted and you have told us about any changes needed (for example if you’ve received too much or too little).
Reminder of changes to CJRS
From 1 August 2020 CJRS continues to provide grants for furloughed employees but no longer funds employers’ National Insurance (NI) and pensions contributions. You now have to make these payments from your own resources for all employees, whether furloughed or not.
We are here to support you
We will continue to keep you updated on the schemes developments over the coming weeks, however If you need to ask our expert team a question please call now on 0330 22 33 660 and we will be happy to assist.