Job Retention Bonus
Friday, 10 July 2020
On Wednesday 8 July 2020, the chancellor announced the introduction of the Job Retention Bonus.
Once the Coronavirus Job Retention Scheme ends on 31 October 2020, the bonus will act to incentivise employers who have previously furloughed workers to keep them in employment.
The bonus will provide employers with a one-off payment of £1,000 per employee when the employer has used the scheme and then retained those furloughed employees continuously until 31 January 2021.
Employers will be able to claim this bonus from February 2021 once accurate Real Time Information (RTI) data to 31 January 2021 has been received by HMRC.
There are a few additional conditions to note:
- An employee must be earning at least £520 per month (above the lower earnings limit) on average for November, December and January 2021.
- The employee must have been furloughed and legitimately claimed for under the Coronavirus Job Retention Scheme.
- And they must have been continuously employed up until at least 31 January 2021.
Further details about the scheme will follow by 31 July 2020, and full guidance will be published in the autumn.
You can download our helpsheet setting out all the changes to the Coronavirus Job Retention Scheme (CJRS) which came into effect from 1 July 2020 here.
For more information please get in touch with your usual MHA Larking Gowen contact. You can find contact details on the Our People section of the MHA Larking Gowen website. Alternatively, call 0330 024 0888 or email firstname.lastname@example.org.