The Chancellor’s latest announcement: Job Retention Bonus
The Chancellor has announced today a new policy to keep employees in their jobs stating “If you stand by your workers, we will stand by you”. Please click here to the read full speech.
The policy will be labelled “Job Retention Bonus” and involves employers receiving a £1,000 bonus for each person it brings back who is currently furloughed, as long as the employer continuously employs them. We understand that this will apply to those who receive £520 or above, on average per month from November to January. We expect full details to follow in the coming days.
The Chancellor further stated that it is vital that people aren’t returning to work for the sake of it. We therefore believe that now is the time for employers to make important decisions regarding those who remain on furlough. This may include redundancies, bringing them back to work on a permanent basis or agreeing a change to their contractual terms).
If you would like any advice on any employment related matters, please contact our Employment Partner, Kate Brooks on 01202 057754