What Is the Job Retention Bonus?
As part of the summer’s emergency mini budget, the Chancellor announced a job retention bonus to encourage employers to keep their employees on once the Job Retention Scheme (JRS) ends on 31 October 2020.
The Job Retention Bonus is a one-off payment of £1,000 to employers, for every employee who they previously claimed for under the JRS and who remains continuously employed through to 31 January 2021.
Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021. Only earnings recorded through RTI records can count towards the £520 a month.
Employers will be able to claim the Job Retention Bonus after they have filed PAYE for January. Payments will be made to employers from February 2021. We will keep our blog on how to make a claim for the job retention bonus updated, so please keep checking back.
Those who used the Job Support Scheme will still be eligible for the Job Retention Bonus.
If you have any questions regarding the support available, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation