Due to the job instability provoked by the second wave of Covid-19 pandemic and its consequent restrictions adopted by the UK government, Chancellor Rishi Sunak has announced a further extension of the furlough scheme on Thursday 5th November.
The extension will last until 31st March 2021 and will cover up to 80% of people’s wages, up to £2,500 a month.
As mentioned by the Chancellor, this measure will prevent million people from losing their jobs due to the pandemic and allow businesses to continue operate with more stability during the winter season. In fact, it will financially support the wages of those employees who cannot exercise their duties due to the scarcity of work to or because their workplace is closed. Also, it will allow anyone made redundant after 23 September to be rehired and placed on furlough.
Other measures which were put in place on Thursday involve the Self-Employment Support Scheme (SEISS), that will ensure a third grant of up to £7,500, covering 80% of the average trading profits for the period that goes between November and January. However, those newly self-employed, those who receive dividends, freelancers and those sole traders who earned more than £50,000 the last fiscal year will be excluded from the government support
For more information on the extended Coronavirus Job Retention Scheme, please contact us at info@well-tax.com or follow us on our social media.
Autore
Marco Mittica
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