Chancellor expands furlough scheme for businesses

Starts beginning of November

Adam Saville
clock • 3 min read

Chancellor Rishi Sunak has today (22 October) announced a new support package for businesses to replace the furlough scheme from the start of November.

It will reduce the level of employer contribution to 5% of a workers' salary - down from the previous level of 33%. The new measures, outlined just 10 days before the job support scheme (JSS) was due to come into effect, will also cut the number of hours an employee must work before a company can receive support, reducing it to 20% from 33%. Mr Sunak said that if someone was being paid £587 of their unworked hours, the government would be contributing £543 towards that amount - leaving £45 for an employer to pay. Under the previous JSS plans announced last month, employees would ha...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Considering client emotions: Dealing with post-Budget anxiety

Considering client emotions: Dealing with post-Budget anxiety

Advisers need to understand client emotions during 'turbulent times'

Isabel Baxter
clock 01 November 2024 • 4 min read
Well-trailed Autumn Budget 'not as dramatic as expected'

Well-trailed Autumn Budget 'not as dramatic as expected'

Although speculation around pensions tax-free cash was ‘unhelpful’

Isabel Baxter
clock 01 November 2024 • 4 min read
Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Wealth firm hosts its annual charity golf tournament

Professional Adviser
clock 01 November 2024 • 1 min read