Today the Chancellor announced the introduction of the Job Retention Bonus.
This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees.
To be eligible, employees will need to:
– earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January
– have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
– have been continuously employed by you up until at least 31 January 2021.
Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn.
Updates on CJRS scheme
We would also like to make you aware of some key dates on the CJRS scheme that might affect you:
Claiming for employees furloughed on or before 30 June
You need to claim by 31 July for employees furloughed through the Coronavirus Job Retention Scheme (CJRS) for periods ending on or before 30 June. If we are processing your claims for you, don’t worry it’s all in hand!
Get ready for changes from 1 August
You will no longer be able to use a CJRS grant to cover National Insurance (NI) and pension contributions for furloughed employees from 1 August.
Changes for 1 September
You will only be able to claim 70% from the CJRS grant. You will need to contribute 10% towards any furlough payments to ensure employees still receive 80%.
Changes for 1 October
You will only be able to claim 60% from the CJRS grant. You will need to contribute 20% towards any furlough payments to ensure employees still receive 80%.
The scheme ends 31 October.
Live webinars on changes to the scheme and how they impact you are available to book online – search ‘help and support if your business is affected by coronavirus’ on GOV.UK.
If you cannot find the information you need, or you would like to discuss any queries you have, please do get in touch with the team.