Government to pay up to 80% of wages to stop job losses

Coronavirus Job Retention Scheme launched

James Phillips
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Chancellor Rishi Sunak (top left) recently met with representatives of trades unions and business groups to discuss the crisis. Photo: HM Treasury/Flickr CC BY-NC-ND 2.0
Image:

Chancellor Rishi Sunak (top left) recently met with representatives of trades unions and business groups to discuss the crisis. Photo: HM Treasury/Flickr CC BY-NC-ND 2.0

The Government will pay up to 80% of salaries for employees who are asked to stop working but kept on company payroll.

The Coronavirus Job Retention Scheme, announced by Chancellor Rishi Sunak last Friday (20 March), is designed to keep people employed, even if they are not working. The compensation will cover up to a maximum of £2,500 per month per employee, just above the median income. Any employers will be eligible, but will need to contact HM Revenue & Customs to claim the costs, which can be backdated to 1 March. 'The solution of yesteryear': Industry says BoE rate cut is 'meaningless' Sunak said there was "no limit on the amount of funding available" but he expected the first grants to be pa...

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