£1000 Furlough Bonus: What You Need To Know

Victoria Scally News

In the Chancellor’s Summer Statement, as part for the government’s ‘Plan for Jobs’, it was announced that the government will introduce a one-off £1,000 Furlough Bonus payment to employers for every furloughed employee brought back to work, who remains continuously employed through to the end of January 2021. 

We’ve seen the furlough scheme has been a massive success for many businesses. It really has kept so many businesses going, being able to pay their teams.

The aim for this £1000 Furlough Bonus is to help manage the transition out of furlough. Ultimately, focussing on bringing staff back to work. 

In order to qualify, employees must earn above £520 per month (on average) between November 2020 and the end of January 2021. 

You can expect payment of the ‘Job Retention Bonus’ starting in February 2021. 

Expect further detail on the scheme by the end of July.

We have mixed views from owners on the impact of the relief. However, we know it will be welcome news for many employers.

We hope this has been informative for you, if we can offer and additional advice or guidance on this, then get in touch with us.