Coronavirus Update – Job Retention Bonus 03/08/2020
|On 8th July 2020, the Chancellor of the Exchequer announced the Job Retention Bonus. HM Revenue & Customs have provided more detail in a newly published policy paper.
-All employers are eligible for the Scheme which provides them with a one-off payment of £1,000 for each employee who they previously claimed for under the Job Retention Scheme ( furlough), and who remains continuously employed through to 31st January 2021.
-Eligible employees, which includes company directors, must earn a minimum of £520 on average per month between 1st November 2020 and 31st January 2021.
-The above pay to employees must have been reported to HMRC via Real Time Information (RTI).
-Bonus is not payable in respect of employees who are serving a contractual or statutory notice period that started prior to 1st February 2021.
-Employers will be able to claim the Bonus from February 2021. HMRC will publish more details on the process by the end of September 2020.
The full HMRC policy paper may be found here Click here