DETAILS have now been revealed of the British Chancellor Rish Sunak’s Job Support Scheme will work.
It is being introduce to replace the furlough scheme which ends on October 31, 2020.
If an employee works reduced hours the employer pays for that.
And in addition, the employer and government pay one-third of the lost pay each (up to the cap).
So for someone on £2,000 a month working half their hours, they’d get £1,000 normal pay plus £333 extra from their employer and £333 from the government.
The employer can also claim the job retention bonus – as long as they qualify for that.
The Chancellor said businesses will not be able to issue redundancy notices to employees on the Job Support Scheme – and there will be restrictions on capital distributions to shareholders.
The chancellor told the Commons: “There will be restrictions on larger companies, in terms of capital distributions to shareholders while they are in receipt of money for their workers on this scheme.
“And indeed they will not be able to make redundancy notices to those workers who are on this scheme throughout its duration.”