Support for furloughed employees
From 8th July, as part of the Plan for Jobs, the Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment of £1,000 to employers for each furloughed employee who remains continuously employed until 31 January 2021. The Bonus will provide additional support to firms to keep employees as demand returns.
To be eligible, the employees for which the employer will receive the grant will need to:
- Earn above the Lower Earnings Limit (£520 per month) on average in November, December and January and be paid in each month;
- Have been furloughed by that employer at any point and legitimately claimed for under the Coronavirus Job Retention Scheme;
- Have been continuously employed by that employer until 31 January 2021; and
- Still be employed by the same employer as of 31 January 2021.
The bonus will be paid to employers from February once HMRC receive accurate RTI data from employers for the period up to 31 January.
Further detail will be available at the end of July and full guidance will be available in the Autumn.
Click below to find out more about the corovavirus support and advice available for businesses.