- 22nd June 2020
- Posted by: Edward Kirkby
- Category: Coronavirus
On 20th March, the Chancellor announced the introduction of the Coronavirus Job Retention Scheme. Initially set to run until 31st May, the scheme provides funding to businesses for up to 80% of furloughed workers’ wages.
It has now been made clear that the scheme will end on 31st October following an extension, but from 1st July there will be a reduction in the level of support on offer. This gradual tapering will see employers taking on an increased financial responsibility with regard to paying their furloughed workers.
However, alongside this we will also see the introduction of flexible furloughing, which will allow employers to gradually bring staff back to work, with the scheme continuing to provide support for the usual days not worked by the employees.
As these changes to the Coronavirus Job Retention Scheme are implemented, it is crucial to be aware of the various deadlines and key dates put in place by HMRC, as outlined below.