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The original Job Retention Scheme was due to end at midnight on 31st October to be replaced by the Job Support Scheme. In a dramatic development, literally hours before the deadline, the scheme has been extended to cover the period of the new national lockdown to December.
In addition, the scheme is reverting to the position in August covering 80% of an employee’s current salary for hours not worked, up to a maximum of £2,500.
Flexible furloughing will continue to be allowed in addition to full-time furloughing. The employer will remain responsible for the National Insurance and pension contributions for hours not worked along with the full costs of hours worked.
Broadly, the scheme will continue to operate in the same manner as before. However, there are a couple of significant changes:
The Job Support Scheme has been postponed until the furlough scheme ends.
The government also announced that businesses required to close in England due to local or national restrictions will be eligible for the following to the following grants through their local authority:
Finally, the period for mortgage payment holidays was also due to end on 31st October. This has also been extended. Borrowers who have impacted by COVID-19 who are yet to have a mortgage payment holiday will be entitled to a six month holiday whilst those who have started will be able to top up to six months without this being recorded on their credit file.
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