Latest news: Chancellor introduces £1,000 bonus per furloughed employee that is brought back to work

Chancellor Rishi Sunak has revealed a new “jobs retention bonus” as the next stage of the coronavirus economic plan.

The Chancellor confirmed the furlough scheme, introduced as the coronavirus pandemic hit the UK, would be wound down “flexibly and gradually” until October.

The new Job Retention Bonus Scheme will reward employers for bringing their staff back to work in an effort to kick start the economy.

Details of the new job retention bonus scheme includes:

  • You must be an employer and bring back someone who was furloughed
  • You must continuously employ an employee brought back from furlough through to January 2021
  • If you do you will recieve a £1,000 bonus per employee
  • For businesses to receive the bonus, the employee must be paid at least £520 per month , in each month from November to the end of January.

Rishi Sunak stated this is for  all furloughed employees, if employers bring back all nine million people who have been on furlough, this would be a £9 billion policy to retain people in work.

Further details will be announced in due course.