personal finance

Furlough scheme: Will the furlough scheme be extended to the summer?

For the period of November 1, 2020, to April 30, 2021, HM Revenue and Customs will provide a grant to cover 80 percent of a worker’s usual wage.

This amount can be up to a maximum of £2,500 a month, plus associated Employer National Insurance contributions and minimum enrolment employer pension contributions on that subsidised wage.

This means £3,125 per month, which is equivalent to a gross salary of £2,500.

Any employer can voluntarily choose to top up an employee’s salary to reach 100 percent, but this is not obligatory.


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