Some change will take effect from 1 September
Over recent months the government has announced a number of changes to the Coronavirus Job Retention Scheme – more commonly referred to as ‘furlough’. We highlight below some changes that will take effect over the next three months.
1 September – The government’s contribution towards wages will reduce to 70% from 80%, up to a maximum of £2,187.50 per month.
1 October – this percentage reduces again to 60% contributed by the government (up to a maximum of £1,875 per month).
1 November – the scheme closes on 31 October and the government will not make any further financial contribution.
For many SMEs, the scheme itself and the changes that are taking place each month are creating some confusion. That is why we have created a handy guide to answer some of the common questions that SMEs are asking us.
With changes taking place each month, it can be confusing to keep on top of what the changes mean to your business and your employees plus what you need to do. If you have any queries, please do get in touch and we can explain what you need to do.
We have created the helpful guide below to answer all the common questions we are being asked, as well as to provide an ‘at a glance’ summary of the key dates and what support is available from the government.
Amongst other things, the guide covers key dates, bringing people back from furlough, record keeping, mental well-being, calculating holiday pay 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.