Furlough Changes Explained
- 2nd September 2020
Over recent months the government has announced a number of changes to the Coronavirus Job Retention Scheme – more commonly referred to as ‘furlough’.
From September the government contribution towards wages is reducing from 80% to 70% up to a maximum of £2,187.50 per month; in October this reduces further to a government contribution of 60% up to a maximum of £1,875. From November the government will not make any financial contribution as the scheme closes on 31st October.
Understandably when adjustments to government schemes happen it creates confusion for many SMEs who are trying to keep up with the frequency of the changes.
That’s why we have created a handy guide to answer some of the common questions that SMEs are asking us and provide an 'at a glance' summary of the key dates and what support is available from the government in an infographic.
Amongst other things, the guide includes key dates, bringing people back from furlough, record keeping and mental well-being, calculating holiday pay, plus eligibility criteria and guidance if you are considering redundancies.
This guide answers the questions SMEs are asking right now and has been produced to provide valuable assistance to SMEs.
You can download a copy of our guide here.
Here to Help
In this year of uncertainty your business will be facing some unique challenges. With so many changes to taxation and grants and with other measures having been introduced, it can be confusing to keep on top of your entitlements and indeed, obligations.
Please do get in touch if you would like to receive some guidance or advice that is specific to your business and your circumstances.
All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.