The UK Government has confirmed the Coronavirus Job Retention Scheme will be extended until the end of April 2021. The scheme was set to expire at the end of March 2021 but has now been extended for another month.
Under the scheme, the government will continue to pay employees 80% of wages for hours not worked. Employers will still be required to make contributions to National Insurance and pensions for hours not worked.
Recent figures show that the government has spent £46.4 billion so far on the Furlough Scheme. The Office for National Statistics published data which showed that over 5 million people were currently on the Furlough Scheme, which works out at around 15.5% of the workforce.
Important dates for employers making a claim under the Furlough Scheme:
- December claims must be made by 11.59pm on 14th January 2021
- January claims must be made by 11.59pm on 15th February 2021
- February claims must be made by 11.59pm on 15th March 2021
- March claims must be made by 11.59pm on 14th April 2021
- April claims must be made by 11.59pm on 14th May 2021
The Chancellor also announced that Government loan schemes, that were set to close at the end of January 2021, have now been extended until the end of March 2021.
The schemes include:
- Bounce Back Loan Scheme
- Coronavirus Business Interruption Loan Scheme
- Coronavirus Large Business Interruption Loan Scheme
