UK: Coronavirus Job Retention Scheme

Submitted by cambrosio on Tue, 05/12/2020 - 09:42
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gov.uk (01.03.2020)

As part of the new job retention program (Coronavirus Job Retention Scheme), the government will provide 80% of employer contributions to employees with temporary paid leave under the country ’s automatically registered occupational pension plan. (Government contribution is based on a minimum contribution rate of 3%, and monthly income does not exceed £ 2,500 (US $ 3,090.66).) The plan took effect on March 1 and is expected to be implemented for four months. In addition, employers who are contributing above the minimum contribution rate may, under certain conditions, temporarily reduce their contribution rate for these employees to the minimum rate without consultation.

measures summary

As part of the new job retention program (Coronavirus Job Retention Scheme), the government will provide 80% of employer contributions to employees with temporary paid leave under the country ’s automatically registered occupational pension plan.

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