This afternoon’s Government press conference, led by Chancellor Rishi Sunak, focused on changes to the Job Retention Scheme, the new flexible furlough scheme and support for the self-employed:
Job Retention Scheme:
- The scheme will close to new entrants on 30 June. It will continue in its current format in June and July, with no employer contribution
- From August, the tax payer contribution will stay at 80% and employers will be asked to pay pension contributions and national insurance
- From September, tax payers will pay 70% and employers will pay 10% of furloughed employees wages
- From October, tax payers will pay 60% and employers will contribute 20%
The scheme will then end at the end of October
New flexible furlough scheme:
- A flexible furlough scheme will be in place from the 1st July
- Employers will have full flexibility to decide the terms of their employees’ furlough. For example, employers can decide to bring employees into work two days a week, and then furlough them for three days a week
Self-employed income support scheme:
- The self-employed can apply for a second and final grant in August
- The grant will work in the same way as the first one, paid out in a single instalment, covering three months’ worth of average income
- The value of the final grant will be 70% up to a total of £6,570
www.NFFF.co.uk