Further to the announcement of the Job Retention Bonus in the Chancellor’s Summary Statement there has been more detailed guidance released.
Please follow this link to see the guidance in full, it is well worth a read if you are intending to try and utilise this bonus as there are a lot of conditions that need to be met:
The key points we have identified are:
- One off payment of £1,000 per employee
- The employee must:
- have been furloughed under the CJRS for 3 weeks at some point prior to 30th June 2020 and so a grant has already been claimed for them
- have been eligible for version 1 of the CJRS
- be in continuous employment up to 31st January 2021
- Earn at least £520 per month on average in November 2020, December 2020 and January 2021 (earnings can fluctuate over the months but they must earn at least something in each month)
- Bonus payments will be made in February 2021 to employers
- It includes directors who have been furloughed
- Further guidance will be published in September 2020
- The bonus is taxable (in the same way the CJRS grants are)
Where we prepare your payroll, please ensure you prepare the necessary shift patterns etc to meet the earnings criteria. We will happily consult with you with regards to the above criteria but we will take no responsibility to ensure they are met.
As always, if you have any queries please do get in touch.
Telephone: 01392 360008