Coronavirus Job Retention Scheme extended
The Chancellor of the Exchequer, Rishi Sunak, has announced that the Coronavirus Job Retention Scheme is to be extended by one month until the end of June. This announcement will help provide many businesses with more certainty at this very difficult time. This change follows the extension to the nationwide Coronavirus lock-down measures until at least 7 May 2020 that were announced on 16 April 2020.
The scheme was first announced last month and was originally intended to run backdated from 1 March for 3 months until the end of May. The scheme is designed to help employers furlough their employees with significant government support payment cash grants of up to 80% of their wages to a maximum of £2,500 per month.
The 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.'