💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK to stop new workers joining furlough scheme: FT

Published 05/26/2020, 01:13 PM
Updated 05/26/2020, 01:15 PM
© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in London

LONDON (Reuters) - Britain's government will soon stop new workers joining the 8 million who have already been put on temporary publicly funded leave by their employers, the Financial Times reported on Tuesday.

Finance minister Rishi Sunak is due to announce later this week how much employers will need to contribute to the furlough scheme from August, and is also expected to set new rules on part-time working, which is currently not allowed.

To avoid employers furloughing extra staff and bringing them back part-time, with a government-subsidised wage, the finance ministry is likely to announce that scheme will stop accepting more people, the FT said, citing "allies of the chancellor".

Currently the British government pays 80% of the salary, up to 2,500 pounds ($3,083) a month, of almost any private-sector employee who is put on temporary leave due to the coronavirus.

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.