The Government has announced a one off bonus to businesses in order to promote the retention of staff and support business. So, what do we know about this bonus, how it is calculated and how can it be claimed?
What is the Scheme
The Job Retention Bonus is a £1,000 one-off taxable payment to you (the employer), for each eligible employee that you furloughed and kept continuously employed until 31 January 2021.
What are the criteria
To be eligible for a payment
- you must have made a claim for under the Coronavirus Job Retention Scheme for the employee
- you must have kept the employee continuously employed from the end of the claim period of your last Coronavirus Job Retention Scheme claim until 31 January 2021 (i.e. working and paid every month)
- on 31 January 2021 the employee must not be serving a contractual or statutory notice period
- The employee must have been you paid enough between 06 November to 05 February inclusive to meet the Job Retention Bonus minimum income threshold (currently £1,560 gross)
How do I claim
The claim will be made via an online portal provided by the Government. The Government is planning to make this available from 15 February 2021 and provide a 6 week window to make a claim, closing the scheme on 31 March 2021.
The Government has provided further guidance as well as the treasury Department Directions for the scheme which can be found at:-
The Government guidance :-
treasury document :- https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/923783/SIGNED_CJRS_DIRECTION_No_4__Coronavirus_Job_Retention_Scheme_Bonus__Final.pdf
Don’t forget, this advice is general in nature and will need to be tailored to any one particular situation. As an RMI member you have access to the RMI Legal advice line, as well as a number of industry experts for your assistance. Should you find yourself in the situation above, contact us at any stage for advice and assistance as appropriate.
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