Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

UK to require employers to pay 20-30% of furloughed wage cost - The Times

share with twitter share with LinkedIn share with facebook
share via e-mail
05/23/2020 | 04:06am EDT
Outbreak of the coronavirus disease (COVID-19) in London

The United Kingdom has drawn up plans to require employers to cover 20% to 30% of furloughed employees' wages from August to reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported.

The United Kingdom extended its job retention scheme - the centrepiece of its attempts to cushion the coronavirus hit to the economy - by four months on May 12, but told employers they would have to help to meet its cost from August.

"The Treasury has drawn up plans that would require employers to cover between 20 and 30 per cent of people's wages," The Times said. "They would also be required to cover the cost of employer's national insurance contributions, on average 5 per cent of wages."

A spokesman for finance minister Rishi Sunak declined to comment on the report. Sunak is expected to announce the changes next week, The Times said.

Sunak said on Friday that Britain was facing a "very serious economic crisis" and jobs would be lost in the "days, weeks and months to come".

(Reporting by Guy Faulconbridge, Editing by Angus MacSwan and John Stonestreet)

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
08:43aArab Monetary Fund to provide loans of $211 mln to Morocco, 98$ mln to Tunisia - WAM agency
RE
08:41aSOUTH AFRICAN RESERVE BANK : bursary scheme
PU
08:36aAngola cuts oil shipments to China as it seeks debt relief
RE
08:32aTAKE FIVE : Bulls charge past hurdles
RE
08:31aBANQUE NATIONALE DE BELGIQUE : Company turnover starts to recover but the outlook for the Belgian economy remains grim
PU
08:27aIreland extends wage subsidies, to taper off temporary jobless payments
RE
08:23aBombardier to cut 2,500 aviation jobs as COVID-19 slams demand
RE
08:21aGlobal stocks and euro gain ahead of U.S. jobs data
RE
08:21aECB EUROPEAN CENTRAL BANK : and National Bank of Romania set up repo line to provide euro liquidity
PU
08:18aUK official says need to work intensively with EU into July on trade deal
RE
Latest news "Economy & Forex"