For the latest Synergy Technology news post, we wanted to take a look at how the government’s furlough scheme is changing over the coming weeks and months.
Find out more below and be sure to contact us if you have any questions.
Government Furlough Scheme
As we are sure you are aware, as of the 1st of August employers can continue to have employees on furlough but will now have to pay for the NI and pension contributions. Currently, the employee will receive 80% of the employees pay to a maximum of £2,500 per month and no contribution to the employee’s wage is needed for this month.
However, from September, the employer will receive 70% of the wages for the CJRS (coronavirus job retention scheme). This will be a maximum of £2,187.50 per month, then decreasing again in October to 60% of the wages to a maximum of £1,875 per month.
Employers must still contribute the remainder so that the employee is still receiving the 80% of their wage. So for September, it will be 10% to a maximum of £312.50 per months as well as the NI and pension contribution.
In October, the employer will then have to contribute 20% to a maximum of £625 per month, along with covering the NI and pension contributions. The government has announced a one-off bonus for the job retention scheme of £1,000 for every employee who has been on furlough and is still employed at the end of January 2021. All employers will be able to claim for this bonus in February 2021.
Contact Synergy Technology Today
If you are at all confused about how to make these figures stack up in your Pegasus Opera software, contact Synergy Technology today on 0345 456 0050 for help and guidance.