Richard explains what we know about the Furloughing scheme following the Chancellor's announcement last week:
The Furlough scheme is only covering current wave, with no commitment to help a ‘second wave’
The scheme will close to new entrants on 30th June but will effectively be closed on 10th June as you must have been on furlough for 3 weeks by this point
From 1st July, part time working / part time furlough will be available with no minimum / maximum hours
From 1st August, NI & pension contributions will need to be met by employer
From 1st September, the grant will reduce from 80% to 70%
From 1st October, the grant will reduce further to 60% until the end of October when the scheme ends
As ever, it is key to maintain detailed records of all furloughed workers
If you would like assistance or advice with the Furlough scheme or any other financial management, please contact us at:
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