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The chancellor set out more details on how the coronavirus job retention scheme (CJRS) will operate as people return to work after the announcement of an extension of the scheme on 12 May.
The scheme will continue in its current form until August. From then the level of grant will be tapered to reflect that people will be returning to work. At first employers will have to pay National Insurance and pension contributions which according to the chancellor represents 5% of the gross employment costs had the employee not been furloughed.
From September the government will pay 70% of wages up to a cap of £2 187.50. Employers will have to contribute 10% of wages to make up 80% total up to a cap of £2 500. Then in October the government’s contribution will shrink to 60% of wages up to a cap of £1...
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