The Chancellor of the Exchequer, Shi Sunak, left 10 Downing Street after attending a Cabinet meeting on February 14, 2020.
Barcraft Media
UK Finance Minister Shi Sunak has announced a new emergency package of measures to control unemployment, ending next month, replacing the country’s furlough plan.
The Jobs Support Scheme will take the wages of employees working fewer hours straight to the top due to the pressured business demand, enabling workers to keep their jobs in the short term instead of making them unnecessary. It will run for six months from November.
Employees must work at least one-third of their normal hours and are paid as normal for that work, but the government will increase wages covering the remaining two-thirds of the salary. The scheme will target all small and medium-sized businesses in the UK, although large companies may be eligible if they experience a decline in turnover during the crisis.
“I can’t save every business, I can’t save every job, no chancellor can do it, but what we can and should do is face the real problems that businesses and employees are facing now,” Sunak said. Is. ” House of Commons Thursday.
The Furlo scheme has subsidized 80% of wages for millions of workers as a result of the epidemic, but Sunak confirmed in July that the lockdown measures began to emerge in the country, giving businesses a chance to bring in a bonus program. Duty employees return to work.
However, many of those workers were employed by the hospitality industry and the government is now being forced to reintroduce some restrictions due to an increase in Kovid-1 infections, with economists warning that a fourth could lead to a significant rise in unemployment in the country. Quarter.
Employers retaining short-term staff can now claim both the Jobs Support Scheme and the Job Retention Bonus.
Earlier this week, Prime Minister Boris Johnson announced a 10 a.m. curfew for hospitality venues to prevent the spread of the virus. The UK reported 6,178 cases on Wednesday, an increase of 1,252 since Tuesday and a total of 412,000 confirmed cases.
Just last week, the Bank of England gave its first indication that negative interest rates could be under consideration as it appears to play its part in propelling the economy against the consequences of the epidemic, while breaking a record of 20.4% in GDP. Second quarter.
Giles Koglan, chief currency analyst at HYCM, said financial markets have largely welcomed Chancellor Sunak’s speech, which has led to a quick increase in trading activity.
“Nevertheless, this is likely to be short-lived, and I expect general solitude for safe-haven assets and cash savings as investors defend against market uncertainty.”
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