Furlough to be extended until April 2021
The Chancellor announced today that the furlough scheme will be extended for a further month to the end of April 2021, to allow businesses “to plan ahead regardless of the path the virus takes”.
It was confirmed that the Government will continue to pay 80% of the employee salary for hours not worked. Employers will only be required to pay wages, National Insurance Contributions (NICS) and pensions for hours worked; and NICS and pensions for hours not worked. The eligibility criteria also remains the same.
Also announced was the extension on various loan schemes available to businesses to the end of March. These were due to close at the end of January.
It is expected that the next phase of economic support will be detailed during the Budget, scheduled for 3 March 2021.
For further information on the furlough scheme, please contact James Alesbury on 023 8046 1222.