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Furlough Scheme extended until March 2021
A further announcement has been made by the Chancellor Rishi Sunak in the House of Commons just now, that the recently extended Coronavirus Job Retention Scheme (CJRS) has been further extended to the end of March 2021. This was on the basis that although the current lockdown restrictions are still intended to end as planned on 2 December, it is recognised that the economic impact is likely to continue beyond then, and therefore further support is necessary to protect jobs.
It was announced that:-
- Employers will continue to be able to recover up to 80% of wages (up to a cap of £2,500) for hours not worked by the employee, with the employer paying normal pension and National Insurance Contributions, although it was noted that the 80% contribution rate would be reviewed in January to see if the employer contribution may be increased;
- The Job Retention Bonus Scheme planned for January would be consequently delayed to a later date; and
- The CJRS would be available UK wide.
We will provide any further information when further details are published.