The Chancellor Rishi Sunak has announced a series of measures to provide ongoing support to businesses to help them through the COVID-19 crisis, including a new Job Support Scheme.
The scheme, which takes over from the furlough scheme which is due to end at the end of October, will provide up to 22% of an employees salary.
They will need to work at least a third of their normal hours to qualify with their employer will pay normal wages for those hours. Of the remaining pay, the employer will pay a third and the Government a third. It will be aimed at small and medium sized companies, with larger companies only eligible should they be experiencing continued subdued demand.
Hannah Vickers, chief executive of ACE said: “The Chancellor’s new Job Support Scheme announced today will be welcomed by many small and medium sized employers in our sector, we look forward to the detail and fully understanding when larger employers are eligible for the scheme. We’d also like to see whether these schemes can be used to support the emerging professionals in our industry and provide the space to nurture and develop new skills.”
As well as the new scheme, the Chancellor announced extensions to all of the Coronavirus loan schemes, the chance to spread delayed VAT bills over 11 repayments, and the Self Employed
Once logged in, members can access the exclusive member-only briefing which we have prepared on today's announcements. ACE affiliate Beale & Co has also created a member-only briefing on the Chancellor's new job support scheme.