Covid 19 - What you need to know – Job Retention Bonus
In his Economic Statement to the House of Commons the Chancellor, Rishi Sunak, announced a number of measures to support employers and especially the hospitality sector including a cut in VAT, a new scheme entitled “Eat out, to help out” and a retention bonus for employers.
The Job Retention Bonus will give employers a £1,000 bonus for each employee brought off the furlough scheme and retained until January 2021.
Precise details are yet to be published however from the Chancellor’s statement he indicated some criteria to qualify would include employees being brought back full time having been on furlough, being continuously employed until January and earning an average monthly wage of £520 or more (the lower earnings limit for National Insurance payments).
We shall keep you updated.