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Changes to the Job Retention Scheme

02 Sep 2020

This week brings a significant reduction in the Coronavirus Job Retention Scheme, which is due to close completely on 31 October 2020.

From 1st September, the government will only reimburse 70% of salary (up to a maximum of £2,187.50) and employers will be required to top-up to 80% (or more, depending on what the employer and employee have agreed) and pay national insurance contributions and pension contributions.

Then, from 1 October, the government will reimburse 60% of salary (up to a maximum of £1,875) and employers will be required to top-up to 80% (or more, depending on what the employer and employee have agreed) and pay national insurance contributions and pension contributions.

 

Coronavirus

This increased cost means many employers are now facing difficult decisions about whether to proceed with redundancies and/or changes to terms & conditions.

The team are very busy advising in respect of furlough leave, flexible furlough, redundancies and changing terms and conditions of employment. Please give us a call if we can help your business at this difficult time.