Job Retention Bonus axed in favour of furlough

Posted on 3rd December 2020 by Streets


Image to represent Job Retention Bonus axed in favour of furlough

In July the Chancellor, Rishi Sunak, announced that employers would receive a £1,000 one off payment, a Job Retention Bonus (JRB), per employee who was previously furloughed but who’s job remained in place until the end of January 2021. 

The JRB was set to provide a potential financial boost to businesses possibly at a time when employers we looking to return employees to the business and/or looking at an upturn in activity.  However, the JRB has been cancelled following the surprise decision by the Chancellor to extend furlough to the end of March 2021.

 


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Settling energy disputes

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security and Net Zero confirmed the


COVID Bounce Back abuse

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director


VAT retail scheme

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the schemes can save ...


You might also be interested in...