Help for employers
The Chancellor today announced a plan for employers comprising various possible reliefs and assistance. The below is an overview pending final details, promised by the end of the month.
Job Retention Bonus
A one-off payment of £1,000 to UK employers for every furloughed employee who remains continuously employed through to the end of January 2021. Employees must earn above £520 per month on average between the end of the Coronavirus Job Retention Scheme and the end of January 2021. Payments will be made from February 2021. Further detail about the scheme will be announced by the end of July.
A £2 billion fund to create 6-month work placements aimed at those aged 16-24 on Universal Credit and deemed to be at risk of long-term unemployment. The funding available will cover 100% of the relevant National Minimum Wage for 25 hours a week, plus the associated employer National Insurance contributions and employer minimum automatic enrolment contributions.
Funding traineeships and apprenticeships in England
An additional £111 million to fund work placements and training for 16-24 year olds at a rate of £1,000 per trainee.
A payment of £2,000 for each new apprentice hired aged under 25, and a £1,500 payment for each new apprentice aged 25 and over, from 1st August 2020 to 31st January 2021. These payments will be in addition to the existing £1,000 payment the government already provides for new 16-18 year-old apprentices, and those aged under 25 with an Education, Health and Care Plan – where that applies.