Chancellor announces furlough bonuses, ‘kickstart’ scheme and more
Chancellor Rishi Sunak today (8 June) announced new employee retention and job creation schemes to aid economic recovery from the coronavirus pandemic.
The key points from his announcement are as follows:
- A Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021
- £2 billion Kickstart Scheme will also be launched to create hundreds of thousands of new, fully subsidised jobs for young people. Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.
- Businesses will be given £2,000 for each new apprentice they hire under the age of 25. This is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices
- A £111 million investment to triple the scale of traineeships in 2020-21 ensuring more young people have access to high quality training
- Homeowners and landlords in England will be able to apply for vouchers from a £2 billion Green Homes Grant scheme this year to pay for green improvements such as loft, wall and floor insulation
- £1 billion programme will make public buildings, including schools and hospitals, greener
- Temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021
A more detailed summary of the announcement can be read here.