Don’t worry, this isn’t another doom and gloom article about the COVID-19 crisis! With a constant influx of conflicting information, the internet can be a scary and confusing place at the moment. This in mind, Triple Three Solutions is here to help. We’re here to make sure you have the necessary information to keep your business running as smoothly as possible and to support your employees as much as you can.
As the UK is now in partial lockdown, many of your businesses may be suffering. Along with being a world health emergency, this situation is also having a huge economic impact. The fortunate among us are able to work from home, adapting how we run our companies within the ‘new normal’. However, as you know, many organisations have been forced to close for the foreseeable future. Because of this, furlough may be the best (or only) option to ensure your employees are cared for financially and your business can get back to running as smoothly as possible once it’s safe to do so.
In this blog, we want to share with you some core information on the Coronavirus Job Retention Scheme that has recently been announced by the UK Government. Please note that this information is based on an interpretation found at ICAEW.com and is subject to change. We hope that this will help you and your businesses to make informed decisions during this difficult time.
The Coronavirus Job Retention Scheme:
‘Key policy objectives of the scheme:
Overall objective is to keep people at home while enabling employers to retain staff who will be needed when they begin to rebuild their businesses in the future. This will enable work to begin again with a critical core who have the necessary knowledge.’
Below are the key rules of the scheme as taken from the ICAEW website on 31st March 2020.
‘30 March 2020: the following is our understanding of this policy and how this will work based on the information published up to and including 26 March. It should not be relied on for advice at this stage but is intended to give an indication of how the scheme will work.’
There is much more about the scheme over on the above-mentioned website, please visit them and gov.uk for full, up to date information. We hope the above has helped to answer some of your questions and we are happy to help further. To discuss the scheme or any other HR concerns, please feel free to get in touch. Contact us on 0333 050 3330 or via email at firstname.lastname@example.org.