COVID-19: Employer assistance schemes
In response to the economic impact COVID-19 the UK government has announced a number of financial support measures for businesses, employees and the self-employed. The UK now has in place support measures that cover statutory sick pay, tax, VAT and loss of employee wages due to the ongoing Coronavirus issues affecting the economy. Here, you can find a summary of some of the key changes and links to further information.
Coronavirus Job Retention Scheme
Employers who can no longer afford to pay their employers can furlough employees and apply for a grant that covers 80% of their normal wages a month, under this scheme. The objective is to help employers whose operations have been damaged by Coronavirus to keep hold of their employees so they can return to work when it is possible to do so.
This is a temporary scheme in place for 3 months starting from 1 March 2020 but may continue for a longer period.
- The scheme will refund employers up to 80% of their usual monthly wage costs for each qualifying employee.
- A maximum payment of £2,500 applies.
- Employers make normal payroll payments to employees and apply for a grant to cover the cost.
The Scheme is available to employers with a UK payroll including private businesses, charities, and selected public authorities. Employers must have started a PAYE payroll scheme on or before 28 February 2020 and hold a current UK bank account.
For full details on this scheme and other policies related to Covid-19 CLICK HERE.
Disclaimer: Payslip is an automation and integration technology partner to global payroll. We are not a government agency. All payroll information relating to COVID-19 is subject to change and updates. You are encouraged to visit official government websites for the latest information.
Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.
Payroll Manager, LogMeIn
With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.
International Payroll Manager, Phorest