Coronavirus job retention bonus: more details published
Coronavirus job retention bonus – more details published
In the summer 2020 economic update, the Government announced a number of measures aimed at helping the economy recover from the pandemic. The Chancellor’s Plan for Jobs, aimed at boosting job creation, was launched. This includes a £1,000 job retention bonus for continuing to employ furloughed workers.
More detail has been provided in a policy paper on the Job Retention Bonus published on 31 July 2020. The bonus will be payable for every employee who was placed on furlough leave and, having returned from furlough leave, remains continuously employed until 31 January 2021. A number of conditions apply, not least that the employee must have been eligible for the grant under the CJRS in the first place. The employee must earn an average of £520 per month over the period 1 November 2020 to 31 January 2021. The bonus will only be paid if the employee is not on notice of termination of employment that started before 1 February 2021. This paper explains that more detail will be published by the end of September 2020 on claiming the bonus.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.