Covid-19 Update: Government Announcement
09 July 2020
The Chancellor announced yesterday a new job retention bonus scheme to help and encourage employers to retain staff once the existing government furlough scheme comes to an end on 31 October 2020. The bonus scheme could help with avoiding redundancies and transitioning workers from furlough back to work:
The job retention bonus programme means that employers that bring back furloughed workers will receive a £1,000 bonus per employee.
The workers will have to earn on average at least £520 per month between the end of the job retention scheme (October 2020) and the end of January 2021.
Further details about the job retention bonus scheme will be announced by the Treasury later this month.
The government will also subsidise six-month work placements for people between the ages of 16 and 24 and employers can start applying for these subsidies in August.
To specifically help the embattled hospitality sector, the following incentives have also been announced to encourage the public to eat out:
Diners will get a 50% discount off their restaurant bill during August up to a maximum of £10 per head, at participating restaurants, cafes and pubs.
The discount will not apply to alcohol but to food and soft drinks. It only applies to those eating out between Monday and Wednesday.
In addition, VAT on hospitality and tourism has been cut to 5% for a six month period and will apply to restaurants, cafes, pubs, hotels, B&Bs, as well as cinemas and theme parks.
The Chancellor has also announced that the threshold for paying stamp duty on land or property will be raised to £500,000, recognising that the housing market has been hard hit by the pandemic.
If you wish to explore how these new measures could potentially benefit your business and its workforce, please contact your usual 3CS contact for more information.
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