Government to pay up to 80% of wages to stop job losses

The Coronavirus Job Retention Scheme, announced by chancellor Rishi Sunak today (20 March), is designed to keep people employed, even if they are not working. The compensation will cover up to a maximum of £2,500 per month per employee, just above the median income. Any employers will be eligible, but will need to contact HM Revenue & Customs to claim the costs, which can be backdated to 1 March. Sunak said there was "no limit on the amount of funding available" but he expected the first grants to be paid within weeks. It was not clear whether the pledge would cover all costs to ...