Coronavirus Job Retention Scheme extended until October 2020
The Chancellor Rishi Sunak has today (12 May) announced that the job retention scheme (CJRS) will be extended, for four months, until the end of October. The scheme as it stands, i.e. the government paying 80% of employee’s wages, will continue until the end of July.
From the period August to October the Government’s contribution to the scheme will ultimately be phased out, with employers substituting the contribution the government is currently making to ensure that staff continue to receive 80% of their salary to a maximum of £2,500 per month, which should allow employers currently using the scheme to phase employees back into work, on a part time basis if required.
Further details are awaited regarding details of the scheme during the periods August – October, and this is expected by the end of May, at which point we will provide a further update.
You can read the full Government announcement here.
Full details of the CJRS Scheme, together with other financial support measures for businesses can be found in our Coronavirus Guide.
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