The chancellor Rishi Sunak has given a statement that he hopes “will give people up and down the country immense comfort over what will be a difficult winter”, by further extending the CJRS and SEISS schemes. The government had been due to finalise the furlough scheme at the end of October, but a series of updates in recent weeks have seen the scheme extended dramatically.
Coronavirus Job Retention Scheme
The CJRS will now run until 31st March 2021, with contributions matching those made in August’s iteration. This means that the government will cover 80% of employee’s wages, whilst employers need only make National Insurance contributions and pension contributions. This is a real statement as to how the government views the longevity of Covid-19.
Self-Employment Income Support Scheme
The SEISS had been updated recently to reflect the need for self-employed persons to receive similar support to employees of UK businesses. The scheme had pledged to contribute 80% of average monthly trading profits for November, and 40% for both December and January. Today’s announcement goes further; the SEISS will now cover 80% of average monthly trading profits for the whole three-month period. Claims will become available from 30th November 2020.
Job Retention Scheme Bonus
The bonus for employers who have kept furloughed staff on, which was due to be paid in January, has been postponed. The chancellor indicated that the bonus will be redeployed when the CJRS comes to an end.
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