The Job Retention Bonus has been temporarily suspended in order to extend the Coronavirus Job Retention Scheme (furlough)
In his statement announcing the CJRS extension, Chancellor Rishi Sunak confirmed that another incentive scheme will be made available when the time is right. The information published below is available for reference.
Bonuses will be paid from February 2021 onwards, providing workers are continuously employed until January.
At the moment there is no information about how the bonus will be paid, but we will keep you up to date as we find out more.
Why has the Job Retention Bonus been introduced?
The COVID-19 lockdown caused many employers to furlough staff under the Coronavirus Job Retention Scheme. Government statistics show that the Scheme was used by over one million employers, with over 9 million jobs being furloughed.
Rather than risk mass redundancies as the Scheme winds down, the government are using the Bonus to encourage employers to retain staff.
Are directors eligible for the Coronavirus Job Retention Bonus?
Yes, directors can claim the Job Retention Bonus for themselves, providing they meet the other criteria, such as having been furloughed under the CJRS.