JOB RETENTION SCHEME UPDATE What do the new government changes to the Job Support Scheme mean?
The government has announced that along with the Job Support Scheme they will now also introduce an expansion of the Job Support Scheme.
The next stage of the Winter Economy Plan
The government has announced that along with the Job Support Scheme they will now also introduce an expansion of the Job Support Scheme.
What do the new government changes to the Job Support Scheme mean?
Rishi Sunak announced that he is expanding the Job Support Scheme where the local restrictions legally require the business to close. Rishi announced that the UK government will help to pay the employees wages.
The Chancellor stated that if employees can not work for a week or more the employer will pay 2 thirds of the normal salary (up to £2100 a month) and the UK government will cover the cost.
All business' who are legally required to close due to the local restrictions will be eligible and all the government ask is that the business pays Employer National Insurance and pensions contributions. This also includes business' who are told to operate on a collection or delivery only basis.
The government hopes this will help to protect jobs along with the new cash grant scheme.
This scheme will open on 01 November the grants will be paid form early December and carry on for 6 months. The scheme will be reviewed in January.
What is the cash grant?
The government has pledged that they will give a cash grant to all businesses legally required to close by the local restrictions. These cash grants will never have to be repaid and have been made more valuable that previously planned.
- Small businesses with properties worth £15,000 or less can claim £1300 a month.
- Medium business with properties worth £15000 - £51000 can £2000 a month.
- Larger business with properties worth £51000 or more can claim £3000 a month.
- These cash grants will be paid in two fortnightly instalments.
What about Wales, Scotland and Northern Ireland?
These countries can choose whether they wish to do something similar, but the UK government will make an extra £1.3 billion of funding available to them.
Rishi Sunak announced that these schemes give business' whether open or closed the ability to adjust and plan for the coming months. These businesses can feel the comfort that even if they are asked to close, they do have support from the UK government. This is all part of the governments plan to protect the jobs and livelihoods of the British people.
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