Many of the papers are today expecting an announcement from the Chancellor concerning government support for the payment of wages during this unprecedented COVID-19 pandemic. We will update you as soon as possible on the details, but it is being rumoured that:
- It will apply to only certain key sectors
- It will be conditional on employers retaining staff on their payroll
- It will be worth around 50% of your wage bill
Although there are significant financial pressures coming to bear on all businesses we would strongly recommend that all employers pause their plans for restructuring and redundancies until we hear further so as not to disqualify your business from the support being made available.