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2 October 2020

Treasury publishes further information and guidance on the Job Retention Bonus

Summary

The Job Retention Bonus will work alongside the newly announced Job Support Scheme. From February 2021 employers will be able to claim a one-off taxable Job Retention Bonus payment of £1,000 for each employee previously claimed for under the Coronavirus Job Retention Scheme (CJRS) who remains continuously employed through to 31 January 2021. The Job Retention Bonus is equal to a 20% wage subsidy for the employment costs of the average person previously furloughed, but for those on lower incomes, it is 40% of wage costs over the 3-month period to the end of January 2021. Businesses can claim for the bonus from 15 February until the end of March 2021.

Source(s)

Gov.uk guidance

Gov.uk news story