Last week, the Chancellor announced the Coronavirus Job Retention Scheme, just one of the measures being put into place by Government as part of a business support package to cope with the global COVID-19 pandemic.
The scheme applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’ and will reimburse 80% of their wages, up to £2,500 per month, in order to protect them from being made redundant. This means that businesses don't need to lose their valuable workers, and their employees are protected at such an uncertain time.
Employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis and the scheme will cover the cost of wages backdated to 1 March, initially open for 3 months, but will be extended if necessary.
Further details will come direct from HMRC shortly, but in the meantime, relevant information and resources can be found on our Coronavirus page.