Furlough Leave Updates & Job Retention Scheme Directive
During turbulent times, understanding your business requirements and available options is more important than ever. A further Coronavirus Job Retention Scheme Directive was issued by HMRC on 22nd May 2020. The key points are:
• There is no requirement for explicit agreement of an employee who is furloughed
• There are further details on what wages or salaries are for those who get paid commission, overtime or other variable payments
• Clarifying that employers and employees can agree to end a period of sickness and switch to furlough leave
• Clarification of what training is permissible for those are on furlough leave
From August 2020, it is predicted that businesses will have to pay at least a fifth of the wages of furloughed employees. It is also expected that businesses will be able to bring staff back part-time from August, and even if the employee does not return to work in any capacity, it is likely that businesses will be required to share the costs of furloughed staff from this point onwards.
Businesses should be proactively thinking about the next stage of their business plans. We can offer advice and guidance on next steps and so much more during this difficult time. No matter is too big or too small.
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Dragon Argent are delighted to announce that it has advised the shareholders of Peabodys Coffee on its acquisition by a FTSE 100 company in the hospitality sector.