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  • Posts tagged "scheme"
February 8, 2023

Tag: scheme

660k jobs at risk when furlough ends

Wednesday, 04 August 2021 by admin

Around 660,000 jobs will likely still need furlough when the scheme ends in September with thousands being pushed into unemployment if the government doesn’t extend it past the deadline

The analysis from the New Economics Foundation (NEF) found that the additional 20% employer contributions towards furlough wages at the start of August will not be cost-effective for nearly 250,000, jobs.

The thinktank detailed that once furlough is no longer an option, workers could be at risk of becoming redundant or seeing a reduction in hours or pay.

The New Economics Foundation states that the government’s September deadline is premature as certain industries will not be able to trade at full capacity when furlough ends.

An example of this is the aviation industry which at the end of June had one third of workers still on furlough and international travel will not return to normal come the deadline and there is possibility of a permanent shift occurring.

Alex Chapman, senior researcher at the New Economics Foundation, said: ‘The current end date for the furlough scheme is arbitrary and can cause unnecessary harm to thousands of workers across the UK, by risking unemployment or facing a reduction in pay. Our analysis highlights that demand will remain suppressed because of voluntary measures that the public will take in response to the uncertainty around the delta variant.

‘The furlough scheme has been a necessary lifeline for millions of workers, and we strongly urge the Chancellor to retain it beyond September.

‘Over time, similar to some of our European neighbours, a more permanent furlough scheme should be introduced that can help the British workforce build resiliency against future economic shocks such as climate disruption, trade realignment, and other public health emergencies.’

The analysis also highlights that self-isolation is still a requirement for those in close contact with a Covid-19 infected person and even with the requirements for isolating easing from 16 August for those who are double-vaccinated, at the current rate around 10m adults will have not received both jabs by this date.

In order to avoid a surge in unemployment at the end of furlough New Economics Foundation recommends that the government rolls back the increase of employer contributions and extends the furlough scheme until a realistic point where voluntary social distancing is likely to end.

It also calls for the government to allow furloughed workers to use their subsidised non-working hours on training, with a priority for industries that may never recover to pre-pandemic levels of output.

This would make furloughed workers more attractive for their employers to bring back and would increase both productivity and the government’s tax return.

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Upcoming changes to Furlough

Wednesday, 30 June 2021 by admin

The Coronavirus Job Retention Scheme (furlough scheme) was put in place to support employers who are not able to operate as normal due to the pandemic. By designating employees as “furloughed”, employers have been able to recover a portion of employee wage costs up to a £2500 cap. As confirmed by the Government Budget delivered on 3 March 2021, the scheme will continue to operate until the end of September 2021 with some adjustment to funding levels from July 2021.

Until end of June 2021, the grant is 80% to a maximum of £2500 per employee per month for hours unworked. Employees on full furlough (not working any hours at all), will get 80% of their wages per month unless their employer decides to top it up to 100%. Where an employee is on flexible furlough (working only some hours), they will be paid in full by their employer for the hours they work and the grant will cover 80% of pay for their unworked hours only, subject to a cap which will be less than £2500.

Changes from 1 July 2021

As we move to 1 July 2021, the Government’s grant will reduce to 70% of furloughed employees’ wage costs for their unworked hours at a cap of £2187.50. Pay for furloughed employees must remain at a minimum of 80% at a cap of £2500 which means that employers must contribute 10% up to £312.50 from their own pocket. Further changes continue into August.

From 1 August 2021 until the scheme ends, the Government’s grant will reduce a final time to 60% of furloughed employees’ wages for their unworked hours at a cap of £1875. With the 80% rule still intact, employers will need to contribute 20% to staff wages up to £625. Therefore, from July through to the end of September, employers will have to cover a portion of the employee’s actual wages, as well as the National Insurance and pension contributions.

Supporting employees

Not every employer will be able to afford to contribute towards furloughed staff wages. Employers who have been topping up their staff wages by 20%, so that they receive all of their pay instead of just 80% of it, may be able to accommodate the contributions. However, many may not be able to, particularly smaller employers.

It may be that employees have to be brought back to work on a part-time basis (flexible furlough) to avoid making redundancies. However, this will depend on how much work is available.

It is important to note, as mental health awareness carries on making headlines, that employees may be struggling during this period. It is advisable to offer them support in the form of an employee assistance programme (EAP) or equivalent.

Protecting your business interests

Employers will need to consider how they can protect their business interests. This could, again, take the shape of bringing staff back into work or allowing them to work from home, if possible, and if work is available.

However, employers will also need to consider the following.

  • Keep track of furlough contributions and payments to ensure staff are being paid correctly and that the business is not over/underclaiming (to avoid furlough fraud).
  • Reduction in staff hours — employers may want to make structural changes to their workforce if possible, such as reducing the number of hours that their employees work, bringing them back on a part-time basis. Employees need to agree to this change as it will impact on the terms and conditions of their current contracts. Most importantly, employees cannot be forced to reduce their hours, but communicating with them about its necessity, if the company is under financial strain, may persuade them into forming an agreement.
  • Lay-offs and short-time work — otherwise known as ‘”LOST”, these are usually considered as an alternative to compulsory redundancies, usually when there is a downturn in workload or the finance necessary to fund full-time employment. Employees may be placed on unpaid LOST where there is a contractual term entitling employers to do so. In the absence of such as contractual clause, employers will need to agree this with staff, otherwise it will breach the employees’ contracts of employment.
  • Redeployment.
  • Redundancy — employers should consider whether there are alternative measures that could be utilised to reduce the need for redundancies as this should be a last resort option.

Takeaway

The furlough scheme has been somewhat of a saving grace for a lot of employers while coronavirus lockdown restrictions have been in place. As these restrictions are slowly eased, based on coronavirus data, employers may find that they no longer need to make use of the scheme, or it may be that flexible furlough takes centre stage. Either way, employers will need to consider how they can accommodate the upcoming changes and support staff during this time.

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CBI calls for extension of Kickstart Scheme as jobs market remains subdued

Monday, 24 May 2021 by admin

The Confederation of British Industry (CBI) has urged the government to extend the Kickstart Scheme to help young people who are bearing the brunt of the subdued job market.

The Kickstart Scheme was launched in September and promised to pay the wages and associated employment costs for businesses taking on 16 to 24-year-olds in receipt of Universal Credit up to six-month contract periods.

The UK unemployment rate fell to 4.9% in the three months to February, according to the latest figures from the Office for National Statistics (ONS). However, 56,000 workers were cut from company payrolls in March, which represents the first monthly drop since last November.

Around 813,000 workers have been cut from company payrolls in the last 12 months as the pandemic adversely affected the jobs market. The ONS said young people continued to bear the brunt of the crisis amid job losses in sectors such as hospitality and retail.

People under 25 accounted for more than half of the jobs lost in the year to March, it added.

Matthew Percival, Director of People and Skills at the CBI, said:

‘Evidence continues to mount that it is young people’s jobs that have been hardest hit by lockdowns. Support for jobs and training will be vital to making the UK’s economic recovery inclusive.

‘Government should confirm that the extra lockdown at the beginning of the year means that the Kickstart Scheme will remain open for longer to allow businesses the time to deliver opportunities for young people.’

Internet link: CBI website

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Recovery Loan Scheme opens to businesses

Tuesday, 11 May 2021 by admin

On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes.

The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to UK businesses.

The RLS is open to all businesses, including those who have already received support under the previous COVID-19 guaranteed loan schemes, the Bounce Back Loan Scheme, the Coronavirus Business Interruption Scheme and the Coronavirus Large Business Interruption Scheme although the amount they have borrowed under an existing scheme may in certain circumstances limit the amount they may borrow under RLS.

The RLS is initially available through a number of lenders accredited by the British Business Bank.

Internet link: British Business Bank website

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Fourth self-employed grant now open for online applications

Tuesday, 11 May 2021 by admin

On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed.

All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers.

The fourth grant will be 80% of three months’ average trading profits, to be claimed from late April 2021.

Payment will be in a single instalment capped at £7,500 in total and will cover the period 1 February to 30 April 2021. The scheme has been extended to those who filed a 2019/20 self-assessment tax return prior to 3 March 2021.

Claimants must have been impacted by reduced activity, capacity and demand, or have been trading previously and are temporarily unable to do so. All claims must be made on or before 1 June 2021.

There is no requirement for an earlier SEISS grant to have been claimed to be able to claim the fourth grant.

The fifth SEISS grant will cover the period from 1 May to 30 September 2021 and will be available from July.

It will be set at 80% of three months’ average trading profits, paid out in a single instalment, capped at £7,500, for those with a turnover reduction of 30% or more.

Alternately, it will be worth 30% of three months’ average trading profits, capped at £2,850 for those with a turnover reduction of less than 30%.

Further details of the fifth grant will be provided in due course.

Internet link: GOV.UK

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HMRC publishes details of final grants for self-employed

Tuesday, 13 April 2021 by admin

HMRC has published details of the eligibility criteria of the final two grants available under the coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).

At the 2021 Budget it was confirmed that the fourth SEISS grant will be set at 80% of three months’ average trading profits, paid out in a single instalment, capped at £7,500. It will cover the period from February 2021 to April 2021.

To be eligible for the fourth grant, self-employed workers must have filed their 2019/20 tax return by midnight on 2 March 2021. This includes those who became self-employed in 2019/20, provided they have filed according to the deadline.

Eligibility will be based on the 2019/20 self assessment tax return which may affect the amount of the fourth grant which could be higher or lower than previous grants.

The remaining eligibility criteria are unchanged so applicants must either be currently trading but impacted by reduced demand, or be temporarily unable to trade due to COVID-19. They must also declare an intention to continue trading.

Claims can be made from late April until 31 May 2021.

The fifth SEISS grant will cover the period from May to September 2021 and will be available from July.

It will be set at 80% of three months’ average trading profits, paid out in a single instalment, capped at £7,500, for those with a turnover reduction of 30% or more.

Alternately, it will be worth 30% of three months’ average trading profits, capped at £2,850 for those with a turnover reduction of less than 30%.

Further details of the fifth grant will be provided in due course.

Internet link: GOV.UK

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Check if you can claim a grant through the Self-Employment Income Support Scheme

Monday, 18 January 2021 by admin

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third.

To make a claim for the third grant the taxpayer’s business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which they reasonably believe will have a significant reduction in their profits.

The third taxable grant is worth 80% of a taxpayer’s average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total.

The online service to claim the third grant is open. Taxpayers should make their claim from the date HMRC give taxpayers either by email, letter or within the service. Eligible taxpayers must claim the third grant on or before 29 January 2021.

The grant does not need to be repaid, but will be subject to Income Tax and self-employed National Insurance and must be reported on the taxpayer’s 2020 to 2021 Self Assessment tax return. Taxpayers must keep evidence to support their claim.

Internet link: GOV.UK guidance

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Extension of the Job Retention Scheme

Tuesday, 12 January 2021 by admin

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021.

Businesses adversely affected by the coronavirus (COVID-19) can make use of the CJRS until the end of April, with the government continuing to pay 80% of employees’ salaries for hours not worked. Employers will only be required to pay wages, national insurance contributions (NICs) and pensions for hours worked, and NICs and pensions for hours not worked.

Additionally, Mr Sunak stated that he is extending COVID-19 business loan schemes until the end of March 2021. Businesses will be given until the end of March to access the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These schemes had been due to close at the end of January.

The Chancellor also confirmed that the 2021 Budget will be delivered on 3 March 2021 and will outline the next phase of the government’s plan to combat COVID-19 and protect jobs.

The Chancellor said:

‘Our package of support for businesses and workers continues to be one of the most generous and effective in the world – helping our economy recover and protecting livelihoods across the country.

‘We know the premium businesses place on certainty, so it is right that we enable them to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending this support.’

Internet link: GOV.UK news

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Furlough scheme extended

Tuesday, 17 November 2020 by admin

On 5 November, Chancellor Rishi Sunak announced that as part of the new national lockdown the Coronavirus Job Retention Scheme (CJRS) has been extended until the end of March 2021. This announcement updates the Prime Minister’s previous announcement on 31 October that the CJRS would be extended for a month until December.

The scheme has also reverted to its original level of support. Furloughed employees will receive 80% of salary for hours not worked and businesses asked only to cover national insurance and employer pension contributions.

The CJRS was due to have ended on 31 October after being scaled back to cover 60% of salaries during that month.

Chancellor Rishi Sunak said that the scheme will retain the flexible element and furloughed employees will receive 80% of their current salary for hours not worked, up to a maximum of £2,500.

A statement from the Treasury also confirmed that the Job Support Scheme (JSS), which had been due to launch on 1 November has now been postponed, and will not start until the CJRS has closed.

Chancellor Rishi Sunak said:

‘I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.

‘It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.

‘Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.’

Internet links: GOV.UK news and GOV.UK factsheet

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