The coronavirus job retention scheme is now up and running, and UK employers can now make their applications to HMRC. Chancellor Rishi Sunak said of the initiative: “Our unprecedented Job Retention Scheme will protect millions of jobs across the country and is now up and running. It’s vital that our economy gets up and running again as soon as it’s safe – and this scheme will allow that to happen.”
What is furlough?
Under the coronavirus job retention scheme, employers can ‘furlough’ an employee.
Once furloughed, an employee can no longer work for their employer, but will remain on the company’s payroll.
The Government will pay 80 percent of an employee’s salary, up to £2,500 a month.
READ MORE: Furlough pay: Is coronavirus job retention scheme open? How to claim
You also need to provide either:
- your Corporation Tax unique taxpayer reference
- your Self Assessment unique taxpayer reference
- your company registration number
The Treasury aims for all payments under the scheme to be in…
