The Government’s coronavirus retention scheme-what it means for employers
The government has just published ‘Guidance for employers on the coronavirus (COVID-19) Job Retention Scheme.’
The guidance confirms that the scheme will be temporary and is open to all UK employers for at least three months starting from 1 March 2020.
It is expected to be up and running by the end of April and is designed to support employers whose operations have been severely affected by coronavirus.
Employers will be to use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme any time during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020.
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This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.