UK furlough scheme gets an extension!
Chancellor Rishi Sunak has announced that the COVID-19 job retention scheme has been extended till April 2021.
Further on the above, the chancellor said that the extension would mean assurance for millions of jobs and businesses in the country.
Reportedly, the Government will continue to pay 80 per cent of salary of all furloughed workers. That’s something to cheer for workers as restrictions are expected to get stricter post-Christmas. 2020 saw several fashion retailers furlough their workers across the nation.
Also Read: Wales to go into another lockdown after Christmas; non-essential stores to shut down
Rishi also added that the Government-guaranteed loan schemes for businesses would also get an extension till March 2021.
He said the scheme was a big support for both workers and businesses and would help the economy to revive.
The aforementioned changes come in the run-up to budget that will take place on 3 March. Notably, the budget is also expected to give a distinct idea about the next stage of the scheme as well as Government plans to save jobs.
While the announcement brings some hope for workers, it will still take some time before the British retail world regains normalcy.
