The Furlough Scheme – first day statistics.
It has been announced that 185,000 companies applied for the Furlough Scheme on the opening day (Monday 20th April), totaling an estimated £1.5billion in claims, a figure that is likely to rise as other companies submit their claims.
On 20 March 2020, Rishi Sunak, Chancellor of the Exchequer, announced an “unprecedented” intervention to protect jobs through “The Coronavirus Job Retention Scheme” and all UK businesses, irrespective of size, are eligible. The scheme will reimburse up to 80% of the employers’ “wage costs” to a cap of £2,500 per month, per employee.
The system, which opened at 9am on Monday morning, is able to process up to 450,000 applications an hour, with many staff working overtime and others coming out of retirement to make this possible.
Although it was feared that the online portal and phone lines would be overwhelmed, early signs were positive and companies can expect to receive funds within six days.
How Blaser Mills Law can help your business?
If you would like more information on the Furlough Scheme, read our helpful FAQ document here.
We have been and continue to advise businesses on their employment and HR strategy and planning. If you would like a video call with one of our employment lawyers please contact James Simpson, Head of Employment, on 01494 478689 or at email@example.com