World News – CA – UK extends 80% wage subsidies as England returns to lockdown

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London – The UK government will extend its costly coronavirus wage subsidies by one month to ensure temporarily laid-off workers receive 80% of their wages, Prime Minister Boris Johnson said on Saturday as he announced a new England-wide lockdown

Britain introduced the 80% wage subsidy system in March and it was due to expire on Saturday to be replaced with more targeted and less generous support

The scheme supported 89 million jobs at its peak and would cost around 52 billion pounds ($ 67 28 billion) over its eight-month lifespan

Companies will have to contribute up to 5% of the costs of employing workers covered by the extension, the finance ministry said

He also said a mortgage payment holiday program would be extended for households and business premises that have to close due to coronavirus restrictions would receive grants of up to 3,000 pounds ($ 3,881) per month

Mortgage borrowers affected by the pandemic who have not yet had a payment break will be entitled to six months’ leave, while those who have already started a payment break will be able to top up for up to six months, said the ministry

« I have always said we will do whatever it takes as the situation evolves Now that restrictions are tightening, we are taking steps to provide additional financial support to protect jobs and businesses, ”said Finance Minister Rishi Sunak

UK foreclosure finance coronavirus England finance mortgage Boris Johnson

World News – CA – UK extends wage subsidies by 80% as l England folds into lockdown
Associated title :
Kingdom UK extends 80% wage subsidy as England returns to lockdown
UK extends mortgage credit, business support as England locks out
Johnson Extends Payroll Assistance and Offers Six Months Mortgage Leave



SOURCE: https://www.w24news.com/news/world-news-ca-uk-extends-80-wage-subsidies-as-england-returns-to-lockdown/?remotepost=497564

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