What is the Job Retention Bonus?
Definition of Job Retention Bonus
The Job Retention Bonus is a former government initiative that was designed to encourage employers to bring furloughed employees back to work. Following the extension of the Coronavirus Job Retention Scheme to March 2021, the government confirmed that the Job Retention Bonus would not be implemented.
Under the initiative, employers would have been able to claim a £1,000 payment for every employee who was brought back to work after being furloughed under the CJRS, subject to certain conditions.
Chancellor Rishi Sunak initially announced the Job Retention Bonus initiative during his Summer Economic Update in July 2020. However, in November 2020 the government announced that it would “redeploy a retention incentive at the appropriate time” following the extension of the CJRS.