05 October 2020

Treasury Direction on Coronavirus Job Retention Bonus

On Friday afternoon (because as you might recall, Friday afternoon is the Government's favourite time to issue Coronavirus Job Retention Scheme related information), the Government issued a further Treasury Direction setting out the rules for the Coronavirus Job Retention Bonus, as well as issuing guidance for employers to check if they can claim the bonus.

Briefly the scheme is available to employers in respect of employees who have been on furlough at some point and who remain employed, and not under notice of dismissal, on 31 January 2021. The employer will receive a one off payment of £1000 per eligible employee. To prevent abuse of the scheme, employers must have paid the employee, who the claim is made in respect of, a salary of at least £1560 between 6 November 2020 and 5 February 2021 to qualify. Employers will have from 15 February 2021 until 31 March 2021 to make their claim. The Government has promised further guidance on how to make the claim in due course.

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