The Chancellor of the Exchequer, Rishi Sunak, has announced the Budget for 2021 and has confirmed that the Coronavirus Job Retention Scheme (also known as furlough scheme) will be extended further beyond the end of April to the end of September. Employees will see no change to payments but employers will be required to pay 10% toward wages in July and 20% toward wages in August and September. Employers will remain liable to make contributions toward employee national insurance and pension contributions for hours not worked.
The Chancellor also confirmed that existing schemes implemented to help people get back into jobs would receive increased financial support, including doubling financial incentives for businesses to £3,000 for new apprentice hires of all ages and increasing funding for traineeships in England by £126 million. He also went on to confirm that financial support for the self-employed would also be extended and continue until September 2021.
These are some of the measures being implemented by the Government in the Budget for 2021 which aim to save jobs and protect businesses.
If you are considering your options as an employer, or are an affected employee and would like some advice, get in touch with a member of our Employment team at info@ramsdens.co.uk or call us on 01484 821 500.