At the end of last week the HMRC published more details on the Coronavirus Job Retention Scheme announced on 20 March, available here. Our detailed briefing available here sets out the key points from the new guidance and discusses some of the issues and unanswered questions that arise. Of course the definitive position will only be clear once detailed rules have been provided and we will update our briefing when more information is available.
The scheme is open to all UK employers with a UK bank account and a PAYE payroll scheme that was created and started on or before 28 February 2020. Employers can apply for grants of 80% of furloughed UK employees' monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance Contributions and minimum automatic enrolment employer pension contributions on that wage, provided the employee has been on the payroll since 28 February and remains on it. The scheme will cover the cost of wages backdated to 1 March 2020, if applicable.
Please do get in touch with your usual contact if you would like to discuss this issue further.
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