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What the revamped furlough scheme means for your small business

by Timothy Adler • May 29, 2020 • 0 Comments

Originally written by Timothy Adler on Small Business
As expected, Rishi Sunak has announced changes to the furlough scheme affecting small business.

August: small businesses will be expected to cover national insurance and pension contributions of workers on the Coranvirus Job Retention Scheme. For the average claim, this represents 5 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed
September: businesses will have to cover 10 per cent of the wage costs of furloughed workers on top of NI and pension contributions. For the average claim, this represents 14 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed.
October: businesses will have to cover 20 per cent of furloughed workers wage costs plus NI and pension contributions. For the average claim, this represents 23 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed

Previously, it was assumed that small business owners would only be on the hook for National Insurance contributions, not pensions as well.
>See also: Small businesses will have to cover a quarter of cost of furlough
In the heavily trailed move, chancellor Sunak will allow furloughed workers