In his summer economic statement, the Chancellor of the Exchequer Rishi Sunak, announced a number of schemes to assist businesses as the UK economy restarts.
While the Job Retention Scheme (“furlough”) will come to an end in October, a new Job Retention Bonus will be launched. Under the scheme UK employers will receive a bonus of £1,000 for each furloughed employee still employed as at 31st January 2021.
The government has also announced two schemes for those employing additional staff:
- Kickstart Scheme – A £2 billion fund to create hundreds of thousands of high quality 6-month work placements aimed at those aged 16-24 who are on Universal Credit and are deemed to be at risk of long-term unemployment. Funding available for each job will cover 100% of the relevant National Minimum Wage for 25 hours a week, plus the associated employer National Insurance contributions and employer minimum automatic enrolment contributions.
- Payments for employers who hire new apprentices – a payment of £2,000 to employers in England for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice they hire aged 25 and over, from 1st August 2020 to 31st January 2021.
More details will be made available over the coming week. Check nfrnonline.com for updates.