Furlough scheme set to move into final month

Furlough scheme set to move into final month

29 Sep 2020

The government's Coronavirus Job Retention Scheme (CJRS) moves into its final phase this October before a new scheme comes into force.

The CJRS has supported more than nine million people since it was launched by Chancellor Rishi Sunak in March in a bid to protect jobs and businesses during the coronavirus (COVID-19) pandemic.

However, the CJRS will come to an end on 31 October and is set to cost the Treasury over £34 billion.

Following fears of mass redundancies and loss of businesses, the Chancellor recently unveiled a new Job Support Scheme in his Winter Economy Plan. Furloughed employees will continue to get 80% of their salary until the CJRS finishes at the end of October.

During October, the government will pay 60% of wages up to a cap of £1,875 for the hours an employee is on furlough.

Employers will pay national insurance and employer pension contributions and will top up employees' wages to ensure they receive 80% of their pay, up to a cap of £2,500 for the time they are furloughed.

Download our TaxApp Today

Tax rates, tips and calculators at your fingertips

Using the latest technology, our App has been developed to provide you with useful tax tools and information via your mobile device. Available for all mobile phones and devices.

Download for FREE now and simply save to your home screen.

The Ollis & Co TaxApp will always be technically up to date and keep you reliably informed.