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An important update: the Job Retention Bonus

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The Chancellor has announced that the government will introduce a one-off payment of £1,000 to UK employers for every furloughed employee who remains continuously employed through to the end of January 2021. 

The financial incentive is intended to encourage employers to retain staff beyond the end of the Coronavirus Job Retention Scheme in October.  

However in order to qualify employers will need to take into account that in addition to paying an increasing contribution to employee wages in the final months of furlough they must continue to pay employees wages above the Lower Earnings Limit (£520 per month) from the beginning of November to the end of January 2021. 

Payments of the bonus will be made direct to employers from February 2021.

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