UHY Ross Brooke Chartered Accountants

Coronavirus Job Retention Scheme

Coronavirus Job retention Scheme

The Government recognise that businesses may need to make staff cut backs either through short term lay-offs or through redundancies. Either way this will have a big impact on employees’ livelihoods and if they lose key staff, the businesses ability to prosper after the current economic crisis has past.

In order to encourage businesses to retain staff and in order to protect employees’ jobs the Government have announced a Coronavirus Job retention Scheme.

This Government will pay up to 80% of a worker’s salary up to a maximum of £2,500 per month per employee backdated from 1 March 2020 with the first payments to be made available from the end of April.

This isn’t a blank cheque for businesses and will only apply to those businesses that are genuinely thinking of asking employees to take a temporary furlough. This will not be available to businesses where employees are expected to continue to work as normal.

Details of which employee’s will qualify and how the payments are to be made are expected to be made available shortly

If you have any questions regarding this matter we will be very happy to help.

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