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.
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:
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
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