From 01 August 2021, the level of the grant will be reduced and employers will be asked to contribute more towards furloughed employees’ wages.
Employers will now be required to contribute 20% towards their employees’ wages, capped at £625 – this an increased contribution from 10% in the month of July. The Government contribution towards Furloughed workers’ wages will fall to 60%, capped at £1,875, from 70% during the month of July. Despite these changes, Furloughed employees will still receive 80% of their wages, capped at £2,500.
The scheme is due to come to an end on 30 September 2021.
Knowing how to take control of your business finances to maximise profits can be difficult, especially with the current climate. Knowing the common mistakes to avoid can be difficult and can leave you feeling unsure.