The Coronavirus Job Retention Scheme – Extended by One Month to the End of June

The Chancellor of the Exchequer announced today that the Coronavirus Job Retention Scheme has been extended by one month until the end of June 2020.  This is in line with yesterday’s statement from the Government that the current social distancing measures are to be kept in place for a further three weeks.

This aim of the extension is to enable businesses to continue to protect millions of jobs.  The scheme will continue to be monitored to ensure people and businesses can get back to work as soon as it is deemed safe to do so and will help drive forward the UK’s economic recovery.

The scheme, which allows businesses to furlough employees with the government paying cash grants of 80% of their wages up to a maximum of £2,500, was originally open for three months to the end of May 2020. However, the Chancellor said he would keep the scheme under review and extend it if necessary, which he has now done.

Future decisions on the scheme will take account of the success of the measures in place to reduce the spread of coronavirus, as well as the responsible management of public finances.

Photo by Markus Winkler on Unsplash

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