Yesterday we published an article about the recent announcement to extend the Coronavirus Job Retention Scheme (known as “furlough”). In yet another development, Rishi Sunak, the Chancellor, has confirmed that he will announce today that the scheme will be further extended until March 2021 (rather than December 2020 as announced over the weekend).
We expect further details to be released this afternoon and in the coming days and we will update our blog with the latest information – including what levels of support will be available. We know that the scheme will cover 80% of salary costs (up to a monthly cap of £2,500) until December 2020, so it will be interesting to see whether support levels will reduce over time (like they did under the original scheme) or whether employers will continue to receive 80% into next year.
Either way, we are sure the news will be a welcome relief to many employers and their staff.
Chancellor Rishi Sunak has confirmed that he will extend the furlough scheme across the UK until the end of March.