Job Support Scheme Amendments
Last week the Chancellor announced amendments to the Job Support Scheme, which was itself replacing the Coronavirus Job Retention Scheme and comes into effect on November 1st. These amendments have been designed to increase support for businesses and workers. The government say the Plan for Jobs will significantly increase protection of livelihoods and jobs across the UK through the winter.
Below, Dragon Argent outline the key changes. For a reminder of the original features of the Job Support Scheme, please visit our blog here:
Instead of a minimum requirement of paying 55% of wages for a third of hours, employers will have to pay for a minimum of 20% of usual hours worked, and 5% of hours not worked.
The government will fund 62% of the wages for hours not worked. This more than doubles the maximum payment to £1,541.75 a month.
English councils will be funded to give monthly grants of up to £2,100 to 150,000 hotels, restaurants and B&Bs.
The self-employment scheme has been doubled from 20% to 40% of profits, with a maximum grant now of £3,750 over a three-month period
The scheme will be open to all small businesses and larger businesses that can show an impact on revenues.
It is aimed at addressing the gap in support for businesses in tier two restrictions, such as London and Birmingham, but is not explicitly tied to that status, and is available across the UK. If your business would like help assessing what support you may be eligible for, please contact Dragon Argent.