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< News & Insights

Employment Updates - Ad Valorem

2 minutes

| August 3, 2020

Filter by: Cloud Accounting | Tax |

Insights

Job Retention Bonus

The Job Retention Bonus will be introduced to help employers retain furloughed workers after the Job Retention Scheme reduces. Employers (UK) will receive a one-off bonus of £1,000 for each furloughed employee who remains continuously employed through to 31st January 2021. To qualify, the employee must earn a minimum of £520 per month.

Apprenticeships

Scheme applies from 1st August 2020 to 31st January 2021.

Businesses will receive £2,000 for each new apprentice under the age of 25 that they hire. This will be in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and for those aged under 25 with an Education, Health and Care Plan.

To find further detail around the criteria for hiring an apprentice please click here: 

https://www.gov.uk/take-on-an-apprentice

Kickstart Scheme

Timeframes have not yet been announced for this scheme, however the incentive will operate as listed below.
Employers are able to offer a 6-month work placement for young people aged between 16-24, who are claiming Universal Credit and at risk of long-term unemployment. 

Funding will be available for each six-month job placement and will cover 100% of the National Minimum Wage for 25 hours a week. Employers will be able to top this wage up.

The minimum wage hourly rates from 1st April 2020 are: 

  • Age 25 and over                                                                           £8.72
  • Age 21 to 24                                                                                 £8.20
  • Age 18 to 20                                                                                 £6.45
  • Age under 18                                                                                £4.55

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

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