Covid: Furlough scheme set to wind down further
Business / Thu 29th Jul 2021 at 08:39am
FURLOUGH will be wound down further from Sunday as the government asks employers to make a bigger contribution to the wage support scheme reports the BBC.
An estimated 1.3 million people were on the scheme at the beginning of July, down from a peak of 5.1 million at the height of lockdown in January.
The scheme has been extended several times but will end on 30 September.
It is credited with stopping a spike in unemployment and some fear jobs will be lost when it ends.
The scheme, drawn up after lengthy talks with business groups and union leaders, has cost taxpayers almost £50bn to date, arousing fears taxes will have to rise to pay for it.
Under the Coronavirus Job Retention Scheme (CJRS), known as furlough, staff receive 80% of their current salary, capped at £2,500 per month.
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If you are being given the top rate on the furlough scheme after tax and NI your take home pay is £2005 a month, no wonder many are dreading the scheme ending.