Job Retention Bonus scheme: More details released
Chancellor Rishi Sunak has unveiled further details of the £1,000-per-employee Coronavirus Job Retention Bonus.
The announcement coincided with changes to the terms of the Coronavirus Job Retention Scheme from the start of August when employers will have to start paying employees’ national insurance and pension contributions for the hours not worked. It’s the first stage of the phasing out of the scheme, which closes at the end of October.
The Chancellor set out the following eligibility terms for the Job Retention Bonus:
- employers will receive a one-off payment of £1,000 for every employee who has previously been furloughed under Coronavirus Job Retention Scheme (CJRS) – if they remain continuously employed to the end of January 2021
- to ensure the jobs are meaningful well-paid, employees must earn at least £520 (the National Insurance lower earnings limit) a month on average between the beginning of November and the end of January
- those who were furloughed and had a claim submitted for them after June 10 (when the CJRS closed to new entrants), because they were returning from paternal leave or time serving as a military reservist will also be eligible for the bonus as long as they meet the other eligibility criteria
- employers will also be eligible for employee transfers protected under TUPE legislation, provided they have been continuously employed and meet the other eligibility criteria and the new employer has also submitted a CJRS claim for that employee
Full terms will be made avaialble in September.
Looking for further advice on financial support? Visit our Coronavirus Hub