Search
  • Apex Accountants

Chancellor Outlines Furlough Adjustments

The chancellor has today given more details about the extension of the Coronavirus Job Retention Scheme. The key points and monthly amendments are:


▪️ June & July - the government will pay 80% of wages up to £2,500, plus (ER NICs) and pension contributions for the hours the employee doesn’t work – employers will have to pay employees for the hours they work ▪️ August - the government will continue to pay 80% of wages up to a cap of £2,500 but employers will pay ER NICs and pension contributions – for the average claim, this represents 5% of the gross employment costs that they would have incurred if the employee had not been furloughed ▪️ September - the government will pay 70% of wages up to £2,187.50 for the hours the employee does not work – employers will pay ER NICs, pension contributions and 10% of wages to make up 80% of the total up to a cap of £2,500 ▪️ October - the government will pay 60% of wages up to £1,875 for the hours the employee does not work – employers will pay ER NICs, pension contributions and 20% of wages to make up 80% of the total up to a cap of £2,500


Businesses will now have to navigate this extra cost whilst still making the most of the government's lending hand as we continue to navigate this global pandemic.

0 views

Southampton, Hampshire, UK

©2020 by Apex Accounts. Proudly created with Wix.com