By John Smith • 25 September 2020 • 10:51
WHEN the UK Furlough Scheme comes to an end on October 31, it will be replaced by the financially less attractive Job Support Scheme which will go some way to help those who are only able to work part time due to their employer’s economic situation.
The attraction of the Furlough Scheme was that it paid 80 per cent of the wages of workers who may otherwise have been laid off, up to a maximum of £2,500 (€2,750) per month.
The new scheme which is set to last six months works for those employees who are brought back to work part time (where previously they were full time) with the employer paying for the hours they work and the Government paying up to £697.92 (€767.71) per month.
In theory, the Government believes that those who are eligible (they have to work at least one third of their normal hours) will receive as much as 80 per cent of their monthly salary with this support.
All businesses are able to apply to take part in the Job Support Scheme, even if they weren’t part of the Furlough Scheme and they will still benefit from the £1,000 job retention bonus paid for each worker who returns to work from furlough.
There is also an extension to support for the self-employed to ensure that they at least receive a proportion of their average monthly income.
The Government hopes to reduce costs yet ensure that employees are not sacked at the end of October.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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