Job Retention Bonus – Full Details & How to Claim

*** UPDATED 06/11: IT HAS BEEN ANNOUNCED THAT THIS SCHEME HAS BEEN WITHDRAWN DUE TO THE EXTENSION OF FURLOUGH.

Following the end of the Coronavirus Job Retention Scheme on 31^st October, the UK Government announced a bonus to encourage employers to retain staff until at least the end of January 2021.

The bonus will see them able to claim additional funds regardless of utilising the new Job Support Scheme, if employees are paid above a minimum threshold once the scheme ends.

How much money can be claimed?

You may claim £1,000 for each employee that has returned from furlough.

Who is eligible for the bonus?

The money is paid to the employer only.

There are also a number of other conditions that must be met:

Each employee that has returned from furlough (having made a claim via the government in their names) must earn a minimum of £1560 (gross) during 6^th November 2021 to 5^th February 2021
Payroll must have been submitted through a Full Payment Submission (FPS) via the Real Time Information (RTI) system
Use the irregular payment pattern indicator in Real Time Information (RTI) for any employees not being paid regularly
comply with all requests from HMRC to provide any employee data for past Coronavirus Job Retention Scheme claims

You must ensure that all employees that have left are correctly notified to HMRC in good time.

How to Claim the Job Retention Bonus

You cannot claim until 15^th February 2021
Guidance will be released by 31^st January 2021
An online claim service will be available via the GOV.UK website once launched

We anticipate that this service will be open to Tax Agents and Payroll Bureaus and will advise our pricing in due course, if you wish us to claim on your behalf.

Author: Gary Parsons

Gary is CEO at Talk Staff, passionate about the role that people play in helping build long-term and sustainable businesses. He sits on local business advisory boards and has been key in leading the growth of Talk Staff from inception in 2009.