Rishi Sunak issues major new support for firms as UK braces for MORE COVID-19 restrictions

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

The Job Support Scheme, which effective from November 1, will be expanded to support businesses across the UK which are required to close their premises due to coronavirus restrictions, the Chancellor of the Exchequer Rishi Sunak said today.  Following the latest announcement regarding the scheme, the Government will pay two thirds of employees’ salaries to protect jobs over the coming months.

Under the expansion, businesses whose premises are legally required to shut for some period over winter, be it due to local or national restrictions, will receive grants to pay the wages of staff who cannot work.

The Government will support eligible businesses by paying two thirds of each employees’ salary (or 67 percent).

There is a limit to this – and it this is up to a maximum of £2,100 per month.

Under the scheme, employers will not be required to contribute towards wages.

They will only be asked to cover National Insurance contributions (NICs) and pension contributions, something which HM Treasury says make up a “very small” proportion of overall employment costs.

According to the government, it is estimated around half of potential claims are not likely to insure employer NICs or auto-enrolment pension contributions.

As such, they would not face any employer contribution.

Businesses will only be eligible to claim the grant while they are subject to restrictions.

Furthermore, employees must be off work for at least seven days in a row.

Mr Sunak, said: “Throughout the crisis the driving force of our economic policy has not changed.

“I have always said that we will do whatever is necessary to protect jobs and livelihoods as the situation evolves.

“The expansion of the Job Support Scheme will provide a safety net for businesses across the UK who are required to temporarily close their doors, giving them the right support at the right time.”

The scheme is UK wide, and the UK Government stating it will work with devolved administrations to ensure it operates effectively across all four nations.

This is breaking story, please refresh for latest updates.

Source: Read Full Article