The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The scheme will open on 1 November 2020 and run for 6 months.
The company will continue to pay its employee for time worked, but the cost of hours not worked will be split between the employer, the Government (through wage support) and the employee (through a wage reduction), and the employee will keep their job.
Chris Ross, Managing Partner McKees and founder of the SME Support Forum commented:
“The new Job Support Scheme announced by the Chancellor yesterday will offer vital financial support for SME’s all over Northern Ireland in terms of helping them meet their salary overheads. We also welcome the extension of business lending schemes and more flexible repayment terms for loans. These measures will help businesses across Northern Ireland keep more people in work, and will play a key role in business survival, as they adjust to the ongoing challenges the pandemic presents.
It is essential that during this time SME’s continue to focus on adapting to the changing market circumstances and start renewed business development initiatives. Digital transformation will play a key role in this going forward.”