Fresh calls for the government to extend the Job Retention Scheme for critical sectors have been made this week. 

Make UK, which supports over 20,000 businesses around the country, has asked the government to make a U-turn on their decision to wind down the furlough scheme, after finding 62 per cent of companies asked in a survey agreed.

Almost 25 per cent of business surveyed disagreed with the end date, claiming that it should be extended for certain sectors, while 17 per cent said is should be extended for all companies.

Since its launch in March, the scheme has paid 80% of the wages of 9.6 million people who have been furloughed, supporting 2.6 million people along the way.

Up until now, businesses have had the option of whether or not to top up their employees’ salaries to make up the full 100 per cent.

However, starting this month, all businesses must pay national insurance and pension contributions for their furloughed staff, along with 10% of their wages, rising to 20% in October.

With the scheme due to finish at the end of October, the government will also pay each company £1,000 for every worker brought back from furlough and employed through January 2021.

If your business is looking for ways to unlock cash during the pandemic, we want to help.

Call us on 0115 958 6872, email info@midlandsassetfinance.co.uk or contact us here.

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