The Government has extended its furlough scheme until the end of March, with employees receiving 80% of their current salary for hours not worked.
Earlier this week, the Government announced the furlough scheme would initially be extended until 2 December 2020.
It will now run until 31 March 2021, giving businesses continued support over the months to come.
Chancellor Rishi Sunak also revealed the self-employment income support scheme will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.
The coronavirus job retention scheme extension will be reviewed in January to examine whether the economic circumstances are improving enough amid the COVID-19 pandemic.
Sunak said:
“I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.
“It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.
“Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.”
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