In The Chancellors own words, we are now moving from the phase 1 of economic response to phase 2. With the phasing out of the Job Retention Schemen (JRS) confirmed, the Government stressed the importance of business owners trying to hold on to their employees, and to back this up they announced the introduction of the Job Retention Bonus (JRB).
The JRB is being introduced to help firms keep furloughed employees once the JRB is phased out at the end of October. UK employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed on January 2021, and who earns at least £520.00 a month (lower earnings limit). Further information will be announced by the end of July, of which we will then summarise.
Rishi Sunak also announced the new £2 billion ‘kickstart scheme’ amongst others designed to boost employment such as a new Trainee Scheme where by employers will be paid £1000 to fund high quality work placements and training for 16-24 year olds.
Find out all of the details on The Chancellors announcements for employment here.
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