Coronavirus Job Retention Scheme: The Job Retention Bonus
The Treasury has recently issued a new Direction and Guidance which detail, amongst others, the Job Retention Bonus (‘JRB’).
We summarise below the main aspects of the JRB:
- The JRB is available to employers with respect to employees who have been furloughed (at some point in time) and remain employed on 31 January 2021. These employees must not be under notice of termination on this date.
- HMRC will make a payment of £1,000 to the employer for each eligible employee. This is a bonus to the employer, and the employer does not have to pass it to the employee.
- To receive the bonus, the employer must have paid a salary of at least £1,560 to the employee between 6 November 2020 and 5 February 2021.
- A claim for the bonus needs to be presented in a 6 week window between 15 February 2021 and 31 March 2021. The Treasury Direction does not specify how the claim is to be made, but further guidance is expected.
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If your business needs legal support with any issues arising from COVID-19, please get in touch with Andra Stanton.
All information in this update is accurate at the time of writing. It is meant for general information only and is not legal advice.