Furlough scheme extended again

Furlough scheme extended again

This update is written and posted on Thursday 5^th November 2020 and will quickly become out of date once further details are known. We will endeavour to update it as soon as information becomes available.

The Chancellor has this afternoon announced the Coronavirus Job Retention Scheme (commonly known as furlough) will be extended until March 2021.

The scheme was originally due to end on 31^st October and was then extended to cover the second lockdown.

It has not been announced whether the scheme will taper, as it did previously, with employers being required to pay more towards the cost but the Chancellor has stated that the scheme will be reviewed in January 2021. Currently the scheme pays 80% of wages, up to £2,500 a month per employee, with businesses only required to pay employer pension and National Insurance contributions.

If you have any specific questions, please e-mail reception@sherborneslaw.co.uk and we will try to cover the point when the answer is available.