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Latest update: Coronavirus Job Retention Scheme

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There is revised guidance for employers in relation to the Coronavirus Job Retention Scheme which now provides the answers to many unanswered questions.

To recap, this is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19) and is intended to be up and running by the end of April.

HMRC are working on a portal that employers can use to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs.  This is capped at £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions (assuming employees have not opted out) on that wage.

The scheme is open only to all UK employers that had registered and started a PAYE payroll scheme on 28 February 2020 who have a UK bank account.

We attach the link to this updated information Revised guidance for employers claiming under the job retention scheme

In addition HMRC have revised the slightly lighter guidance available to employees who are being furloughed as a result of the COVID-19 impact Revised guidance for employees

Our primary focus is supporting you and your business through this uncertain time. Please contact the Mercer & Hole team to discuss.

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