What is the Job Retention Bonus?
Definition of Job Retention Bonus
The Job Retention Bonus is a government initiative designed to encourage employers to bring furloughed employees back to work. Under the initiative, employers can claim a £1,000 payment for every employee who is brought back to work after being furloughed under the Coronavirus Job Retention Scheme, subject to certain conditions.
Making a claim for the Job Retention Bonus
Employers can claim the Job Retention Bonus for any furloughed employee who is brought back to work, including a company director who is an employee of their own company, as the long as the employee:
- was furloughed through the Coronavirus Job Retention Scheme for any period up to the closure of the scheme on 31st October 2020
- is brought back to continuous employment in a role paying a minimum average salary of £520 per month between November 2020 and January 2021
Employers can claim the Job Retention Bonus after they have filed PAYE for January 2021 and the UK government will begin making payments from February 2021. There is no limit to the number of eligible claims that employers can make.
More information on the Job Retention Bonus is available on the government's website.