job retention bonus scheme

THE LATEST UPDATE

Latest update on the Job Retention Bonus Scheme.

 

On 31 July 2020, Chancellor of the Exchequer Rishi Sunak announced that businesses can receive a one-off payment of £1,000 per furloughed employee if those employees are still employed at the end of January, 2021. This new scheme within Sunak’s ‘Plan for Jobs’ was initially developed so that employees can start contributing to the furlough scheme, as the UK economy reopens.

This scheme is to help support employers and jobs over the UK which have suffered from the effects of the COVID-19 pandemic. This will aim to encourage employees to retain as many employees that have been placed on furlough.

 

Who can qualify for this scheme?

A recent policy statement published by HMRC at the end of July 2020 provided a more extensive update to help employers understand the most recent Coronavirus Job Retention Scheme (CJRS). Some of the qualifying terms include:

 

  1. Employers can receive a one-off payment for all eligible employees including part-time, and full-time employees. As well as company directors and agency workers.
  2. If the employee has been employed continuously since June 10th (when the CJRS closed for new employee entrants) through to the 31st January 2021.
  3. If the employee earns on average £520 per month (the NI lower-earnings limit) for a minimum of three months until the end of January 2021.
  4. If the employee is not serving a statutory notice period or contractual notice period which started before the 1st of February, 2021.

 

The CJRS is a positive incentive for employers, which does not need to be passed down onto the employee. There will be further information published on Government sources in September 2020. 

 

Want to know more about general payroll or top-trending industry news? Check out our latest updates on our News page or get in contact with MCL Payroll today.

 

job retention bonus scheme

 

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