Like you, we are not quite sure what’s happening from one day to the next in terms of local and national lockdowns.
But also like you, we are focusing not just on the present but on the future too.
After all, like all businesses we have to plan. And planning in the middle of a global pandemic means keeping on top of all the benefits available to you and structuring your team for the most effective delivery.
Bringing staff back
Official figures show that the furlough scheme has worked: saving jobs and helping more than half of employees back to work already.
By the time the scheme closes, it will have been open for eight months, with support continuing in the form of the Job Retention Bonus which kicks in from November and supports the wages of staff brought back to work.
The £1,000 Job Retention Bonus is equal to a 20% wage subsidy for the employment costs of the average person previously furloughed, but for those on lower incomes, it’s 40% of wage costs over the three-month period to the end of January 2021.
The government is also creating new roles for young people through the £2 billion Kickstart scheme.
Can you increase staff?
The Kickstart Scheme is now open to employers, creating hundreds of thousands of new, fully subsidised jobs for young people across the country.
The six-month placements are open to those aged 16-24 who are claiming Universal Credit and at risk of long term unemployment.
So how can they benefit you?
Well, if you have the capacity to expand, this is an excellent and cost-effective option.
Employers will receive funding for 100% of the relevant National Minimum Wage for 25 hours a week, plus associated employer National Insurance contributions and employer minimum auto-enrolment pension contributions.
There is also £1,500 per job placement available for setup costs, support and training.
However, applications must be for a minimum of 30 job placements.
Don’t panic on that score though. Before you rule yourself out completely based on this, you can apply on behalf of a group of employers.
Ad, if you do it this way, you can get £300 of funding for each job placement to support with the associated administrative costs of bringing together these employers.
You can find someone to apply for the grant on your behalf by using on of the Kickstart gateways here – https://www.gov.uk/guidance/find-someone-to-apply-for-a-kickstart-scheme-grant-on-your-behalf
The job placements created with Kickstart funding must be new jobs. They must not:
· replace existing or planned vacancies
· cause existing employees or contractors to lose or reduce their employment
The roles must be:
· a minimum of 25 hours per week, for six months
· paid at least the National Minimum Wage for their age group
· should not require people to undertake extensive training before they begin the job placement
What other help is available?
If you are not in a position to expand right now and are starting to worry about the impact of any further lockdown, you won’t be alone.
While Suffolk remains relatively safe from local lockdown right now, what this virus has shown us is that it is entirely unpredictable.
If its any consolation, should businesses in our area be required to shut because of local interventions they will now be able for a new grant.
To be eligible, a business must have been required to close due to local Covid 19 restrictions. The largest businesses will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000.
Each payment will be made for a three week lockdown period. Each new three week lockdown period triggers an additional payment.
These grants provide businesses with a safety net as they temporarily close their doors.
As usual, our team is here to help you with any or all of the areas above. Just drop us a call on 01394 617594 or email enquiries@kblaccounts.com