Rishi Sunak has announced the following measures aimed at supporting business:
Job Retention Bonus
The Job Retention Bonus aims to help businesses retain furloughed workers.
Under the scheme, employers will receive a one-off bonus of £1,000 for each furloughed worker who remains continuously employed until 31 January 2021.
To be eligible, the employee earnings must be a minimum of £520 per month on average between the end of the Coronavirus Job Retention Scheme (31 October 2020) and 31 January 2021.
This is a 6-month work placement aimed at those aged 16-24 who are on Universal Credit and at risk of long-term unemployment.
The grant will cover 100% of the National Minimum Wage cost for 25 hours a week, plus employer National Insurance and auto enrolment pension contributions.
Employers who take part will need to provide training and support for people to find a permanent job
The government will provide a new payment of £2,000 to employers in England for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice they hire aged 25 and over, from 1 August 2020 to 31 January 2021.
These payments are additional to the current £1,000 grant already provided for new 16-18-year-old apprentices, and those aged under 25 with an Education, Health and Care Plan.
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