Summary of everything you need to know about the UK's Winter Economy Plan.
First of all, the UK’s Winter Economy Plan is made up of a number of schemes and incentives:
Job Support Scheme
The Chancellor, Rishi Sunak, has announced a new support scheme that will be brought in when the Coronavirus Job Retention Scheme (CJRS) ceases at the end of October.
The new Winter Economy Plan will be implemented to help protect viable jobs in businesses who are facing lower demand over the coming winter months due to Covid-19.
The stated aims of the scheme are to help employees remain in employment and to reduce the amount of possible redundancies due to the current pandemic. Employers are expected to continue to pay employees for their time worked, however the cost of hours not worked will be split between the employer and the Government (via the JSS) and the employee (via a wage reduction for time not worked) resulting in the employee being kept in employment.
Any employers who utilise the JSS will also be able to claim the Job Retention Bonus if they meet the eligibility criteria.
The new JSS will open on 1 November 2020 and will run for six months, closing in April 2021.
Michael Clarke
CFO
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