Government announces Job Support Scheme to replace furlough from 1 NovemberNews
Posted by: The Probe 25th September 2020
The government’s furlough scheme, brought in at the start of lockdown, has been a lifeline to many businesses and saved the livelihoods of millions. The furlough scheme comes to an end on 31 October and the Chancellor, Rishi Sunak, has revealed that the new Job Support Scheme will replace it.
The Job Support Scheme is available to small and medium-sized businesses (often defined as organisations with 250 employees or fewer). Large businesses are also eligible so long as they can prove their revenue has fallen as a result of the pandemic.
In addition, to further minimise unemployment, the UK government will also give firms:
- £1,000 for every furloughed employee kept on until at least the end of January
- £1,500 for every unemployed 16-24 year-old given a ”high quality” six-month work placement
- £2,000 for each under-25 apprentice taken on until the end of January, or £1,500 for over-25s
Michael Copeland, senior area manager at Practice Plan parent company Wesleyan, the specialist financial mutual for dentists, commented on what the new scheme might mean for dental practices: “The Chancellor’s new measures will be welcome news for dental practitioners, many of whom are struggling to recover from impact of lockdown. The Job Support Scheme announced today could help practices avoid redundancies and protect vital patient care services. It could also provide a further incentive for practices to bring back furloughed staff– supporting the profession’s efforts to resume a wider range of services.
“Extensions to the repayment terms of Bounce Back Loans and Coronavirus Business Interruption Loans will also help practices as they can keep essential cash in their business for longer. Together, steps like these will support the sector’s ongoing recovery – so essential to the wider wellbeing of the nation.”