Coronavirus Job Retention Scheme extended by one month to reflect continuing social distancing measures. This represents a huge win for the Chamber network who have been lobbying government to extend the scheme to prevent businesses from being forced to make redundancies. The extension of the scheme will allow cash-strapped firms across the country to breathe a sigh of relief.
The scheme, which allows firms to furlough employees with the government paying cash grants of 80% of their wages up to a maximum of £2,500, was originally open for three months and backdated from the 1 March to the end of May.
Chancellor of the Exchequer, Rishi Sunak, said:
“We’ve taken unprecedented action to support jobs and businesses through this period of uncertainty, including the UK-wide Job Retention Scheme. With the extension of the coronavirus lockdown measures yesterday, it is the right decision to extend the furlough scheme for a month to the end of June to provide clarity.
It is vital for people’s livelihoods that the UK economy gets up and running again when it is safe to do so, and I will continue to review the scheme so it is supporting our recovery.”
Read full government update here.