The Chancellor has announced today (12th May 2020) that the Government’s Coronavirus Job Retention Scheme will remain open until the end of October.
Rishi Sunak said the furlough scheme would be extended by a further four months with workers continuing to receive 80% of their current salary – up to £2,500.
New flexibility will be introduced from August to get employees back to work and boost the economy. This will include allowing furloughed workers to return part time with employers contributing towards their salaries.
The scheme will continue in its current form until the end of July and the changes to allow more flexibility will come in from the start of August. More specific details and information around its implementation will be made available at the end of the month.
Chancellor Rishi Sunak said:
“Our Coronavirus Job Retention Scheme has protected millions of jobs and businesses across the UK during the outbreak – and I’ve been clear that I want to avoid a cliff edge and get people back to work in a measured way.
“This extension and the changes we are making to the scheme will give flexibility to businesses while protecting the livelihoods of the British people and our future economic prospects”.
We will continue to provide further updates as we receive them. If you do have any queries relating to furlough please speak to your relationship partner or, contact our dedicated Coronavirus Support team at: c19@cowgills.co.uk
Disclaimer
The information was correct at time of publishing but may now be out of date.
