On Tuesday 12th May 2020, the Chancellor Rishi Sunak announced that the UK Government furlough scheme would be extended until October 2020.
There will be no change to the levels of support provided, remaining at 80% of employees’ salary up to £2,500 per month. However, from August 2020, new flexibility will be introduced to encourage getting employees back to work and thus, boost the economy.
This flexibility allows furloughed employees to return to work on a part-time basis, with employers being asked to contribute towards the cost of their salaries.
Until August 2020, the scheme will continue in its current form. View more detail and eligibility criteria.
Statistics published on 12th May revealed that the scheme has so far protected 7.5 million workers and 1 million businesses.
For more information or for a full review of your insurance needs, please continue to contact your usual Towergate Insurance Brokers adviser or email TIB@towergate.co.uk.
The information contained in this bulletin is based on sources that we believe are reliable and should be understood as general risk management and insurance information only. It is not intended to be taken as advice with respect to any specific or individual situation and cannot be relied upon as such. If you wish to discuss your specific requirements, please do not hesitate to contact your usual Towergate Insurance Brokers advisor.
