Date announced for Job Retention Scheme

Date announced for Job Retention Scheme

During an evidence session with the Treasury Select Committee, HMRC’s Chief Executive, Jim Harra, announced that the Coronavirus Job Retention Scheme will be open for claim submissions in the week commencing 20 April, with payments starting to arrive by 30 April.

More information is expected for employers next week on how to prepare applications.

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme that was created and started on or before 28 February 2020, will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’. HMRC will pay employers a grant worth 80% of an employee’s usual wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised wage. This is to safeguard workers from being made redundant.

Click here for more information on the government’s official business support website.

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