Recovering from the coronavirus pandemic and the key dates for changes of the job retention scheme (Coronavirus Job Retention Scheme) are as follows:
10 June 2020 - The last day on which an employee can be furloughed for the first time before the scheme closes to new entrants on 30 June.
12 June 2020 - Detailed guidance on flexible scheme will be published.
1 July 2020 – The scheme will only be available to employees who were previously furloughed. Employers will be able to bring back furloughed employees on a part time basis.
31 July 2020 – Deadline for submitting claims for the period to 30 June 2020.
1 August 2020 – The scheme will no longer cover the costs of employers’ NIC and pension contributions on furloughed wages.
1 September 2020 – Employers can claim 70% of wages, up to a cap of £2,187.50 per month for the hours the employees do not work. Employers must make up the difference of 10% to bring furlough payments to 80% of wages (up to a cap of £2,500) for unworked hours. NIC and pension contributions on furloughed wages are not covered by the scheme.
1 October 2020 - Employers can claim 60% of wages, up to a cap of £1,875 per month for the hours the employees do not work. Employers must make up the difference of 20% to bring furlough payments to 80% of wages (up to a cap of £2,500) for unworked hours. NIC and pension contributions on furloughed wages are not covered by the scheme.
Further details can be found HERE.
Any questions, please let us know.
The information provided in this article is not intended to constitute legal, accountancy or financial advice. You should take independent legal, accountancy or financial advice before relying on the information in this article or before decisions are made or before you embark on any course of action.
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