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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. 

Learn more about the Coronavirus Job Retention Scheme (furlough) extension.

Who is the Job Retention Bonus for?

The bonus is available to employers whose staff return to work having been furloughed through the Coronavirus Job Retention Scheme.

How much is the Job Retention Bonus?

Employers will receive a one-off payment of £1,000 for each furloughed employee who returns to work.

Who is eligible for a Job Retention Bonus?

The criteria for receiving a Job Retention Bonus are fairly straightforward. Employers will be paid a £1,000 bonus by the government for employees that meet the eligibility requirements.

Employers claiming the Job Support Scheme grant, or the Job Support Scheme Expansion, can still claim the bonus for eligible employees.

 

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When will the Job Retention Bonus be paid?

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.

Visit our COVID-19 business support hub to learn about other help available. To talk to an advisor about our online accounting services call 020 3355 4047, use the Live Chat button, or get an instant quote. You can also request a call back at a time convenient for you.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible.

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