In his Budget speech today, the Chancellor will announce the latest, and perhaps final, extension to the Coronavirus Job Retention Scheme, until the end of September. This extension forms part of the Chancellor’s wider plan for economic recovery post-Coronavirus, and will give much needed reassurance to employers across all sectors, especially those such as hospitality, tourism and retail. Furloughed employees will continue to receive 80% of their wages for hours not worked, assumedly still capped at £2,500 per month.
Similar to the arrangements in the summer and autumn of 2020, the grant support available will taper downwards, with employers required to meet 10% of furloughed employees’ wage costs in July, and then 20% in August and September.
Further support measures for the self-employed are also expected.
More details to follow.
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