Mini Budget Explained
Adrian explains key points for Employers and Employees from the mini budget.
The Chancellor of the Exchequer presented a mini budget today and it includes some incentives designed to help businesses and workers.
Key points for you to consider are:
- Job retention bonus – the government will pay businesses £1,000 job for every furloughed worker that is brought back to work and employed until the end of January 2021. The furlough scheme will run until the end of October and so employees will need to return to work some time before the beginning of November. They will then need to be continuously employed and earn an average of £520 or more per month in November, December and January.
- Kickstart Scheme – the government has created a fund to subsidise jobs for unemployed young people. Under the scheme employers will be able to offer a six-month placement for someone who is aged between 16-24. The fund will cover the National Minimum Wage for each young employee for up to 25 hours a week and then employers can top up a worker’s pay if they wish to.
- Traineeships – the government will pay a business £1,000 for each trainee it takes on, capped at 10 traineeships per employer.
- Apprenticeships – for the next six months the government will pay a business up to £2,000 for every new apprentice under 25 that it takes on and £1,500 for every new apprentice who is 25 or over.
Kerseys Solicitors Employment Law specialists are on hand to advise you further.
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