UK Coronavirus Job Retention Scheme launched

Businesses can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay.

The UK governemnt offers this scheme on a temporary scheme in place for 4 months starting from 1 March 2020.

It may be extended if necessary and employers can use this scheme anytime during this period.