What is the Job Retention Bonus?
As part of its response to the coronavirus (COVID-19) crisis, the Government is introducing a one-off Job Retention Bonus. Employers will be eligible for a payment of £1,000 for every employee who has been furloughed but is continuously employed until the end of January 2021.
For the employer to qualify for the bonus, the employee must earn, on average, above the lower earnings limit for national insurance contributions (£520 per month) in the period between the Coronavirus Job Retention Scheme closing on 31 October 2020 and the end of January 2021.
Employers will be able to claim the bonus from February 2021. The Government has said that details of how to apply will be announced by the end of September 2020.