Coronavirus Job Retention Scheme – LATEST

REMINDER !

From 1st August 2020, you will no longer be able to claim for National Insurance and Pension contributions for furloughed employees.

PLAN FOR JOBS

Funding available to Employers in England to support both the retention of jobs for furloughed employees, and the growth of jobs for younger people.

JOB RETENTION BONUS

A one-off payment to employers for every furloughed employee

To qualify:

  • Employees remain employed until the end of January 2021
  • Employees must earn above £520.00 per month on average between October and end of January 2021
  • Payments will be made from February 2021.
  • We are yet to be advised as to how these claims are submitted.

We will inform you when we are updated on the claim process.

KICKSTART SCHEME

  • Government funding to create high quality 6-month work placements for 16-24 year olds who are on Universal Credit.
  • Funding will cover 100% of the relevant minimum wage for 25 hours per week, plus the employer National Insurance contributions and employer minimum automatic enrolment contributions.
  • From what we can gather at this stage, this neds to be administered by the relevant job centre.

TRAINEE FUNDING

Government funding of £1000.00 per trainee for placements of young people aged 16-24 with a level 3 qualification and below to gain work experience (not employment).

Details on how to claim are not yet announced (as far as we can tell).

APPRENTICES FUNDING

  • A payment to employers of £2000 in England for each new apprentice they hire aged under 25 years.
  • A payment to employers of £1500.00 for each new apprentice they hire aged 25 and over.
  • These payments are available from 1st August 2020 to 31st January 2021.
  • These payments are additional to the £1000.00 the government already provide for 16-18-year-old apprentices, those under 25 years with an Education, Health and Care Plan – where that applies.
  • In certain cases 95% of training costs can also be covered by the government.

To access these funds it would appear that you need to use the Apprenticeship Service: www.gov.uk/guidance/manage-apprenticeship-funds

There seems to be a vast number of government schemes in existence which we are by no means expert in, as accountants, but we hope that the above helps point you in the right direction.

If you can’t sleep and would like to read the government publication on this topic, click on the link here.