Today, the Chancellor, the Rt. Hon. Rishi Sunak MP, announced an unprecedented economic package to support workers affected by the coronavirus.
Following the massive investments and measures in the budget and those announced this week, the Chancellor has now made clear that the Government will support individual employees directly. This is an unprecedented economic intervention.
The New Coronavirus Job Retention Scheme will:
- be available to every employer, large, medium or small
- pay 80% of the cost of staff salaries for those not working due to coronavirus (up to £2,500/month or £30,000 a year)
- help employers keep staff in a job
This scheme enable employers to support their employees throughout this crisis, and prevent employers being left with no option but to shed staff.
Additionally, the Government is now instructing all pubs, bars, cafes, restaurants, gyms, cinemas and nightclubs to shut. This is a key part of the social distancing strategy to prevent a greater spread of the coronavirus.
You can visit the coronavirus advice hub on Lucy's website here.