If you’re an employer who has the impossible task of maintaining your current workforce when your operations have been severely impacted by the coronavirus, it may be worth looking into the job retention scheme.
This scheme allows you to furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay.
This scheme is currently in place for 4 months from the 1st March 2020.
However, it may be extended if necessary, and as an employer you can apply for this scheme at anytime during this period.
All employers are eligible to claim under the scheme.
Before claiming, you must work out 80% of your employees’ wages to claim through the Coronavirus Job Retention Scheme.
You can do so by using the calculator here.