Furlough scheme extended for November 2020
Hours before the furlough scheme was due to end on October 31st, the government has announced it will be extended until the end of November, as a further lockdown has been announced for England.
Under the Coronavirus Jobs Retention Scheme, to give furlough its official title, employees placed on leave received 80% of their pay, up to a maximum of £2,500 a month.
In recent months, firms have had to top up furloughed wages by 20%, with the government paying 60%. However, for November the state will put in the full 80%, with the employer only covering pension and national insurance contributions which, for the average claim, accounts for just 5% of total employment costs.
The Job Support Scheme, which was scheduled to come in on Sunday 1st November, has been postponed until the furlough scheme ends.
As always, we will be supporting all of our clients through these turbulent times. If you are not a client of SG Accounting, get in touch now to find out how to come on board.
Note: All the information and advice in this blog post was correct at the time of writing.
