Rishi Sunak has announced big changes to the Job Support Scheme (JSS) – set to replace furlough in November.
The Chancellor has announced an expansion of the Job Support Scheme ahead of its launch on 1 November 2020. Employees will now be required to work at least 20% of their contracted hours, rather than 33%, with employers required to contribute just 5% of wages for unworked hours, rather than 33%. Employers using the scheme will also be able to claim the Job Retention Bonus for each eligible employee retained until at least 31 January 2021.
The scheme will, as before, be open to all small businesses and larger businesses that can show an impact on revenues.
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From 1 November, grants available under the Self‐Employed Income Support Scheme will also be doubled from 20% to 40% of profits, increasing the maximum grant available from £1,875 to £3,750.
You can access updates via the FIS COVID-19 hub here.