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The Government has today announced that it will extend the furlough scheme for a further four months and that from August people will be able to work reduced hours with the scheme topping up their income.
The Government has announced that the job retention scheme, where workers are put on furlough and continue to receive 80% of their salary up to a maximum of £2500, will be extended by another four months until October. From August, furloughed workers will also be able to return to work part time with employers paying a percentage towards their salaries. These employer payments will substitute the contribution the government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month, even if they are not working their usual hours.
Chancellor Rishi Sunak said: “Our Coronavirus Job Retention Scheme has protected millions of jobs and businesses across the UK during the outbreak – and I’ve been clear that I want to avoid a cliff edge and get people back to work in a measured way.
“This extension and the changes we are making to the scheme will give flexibility to businesses while protecting the livelihoods of the British people and our future economic prospects.”
The job retention scheme will continue in its current form until the end of July and the changes to allow more flexibility will come in from the start of August.
More specific details and information around its implementation will be made available by the end of this month.
New statistics published by the Government today show the job retention scheme has protected 7.5 million workers and almost 1 million businesses.
Statistics show businesses have been given over £14 billion in loans and guarantees to support their cashflow during the crisis, including 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme and £359 million through the Coronavirus Large Business Interruption Loan Scheme.