Day: March 24, 2020

Advice for employers on using the Coronavirus Job Retention Scheme

How can access UK businesses use the Job Retention Scheme (JRS) to continue paying 80% of the salary for employees that would otherwise have been laid off or made redundant, the practical next steps and potential complications of the scheme.

Key points include:

  • Furloughed workers should not undertake any work for the company, including answering calls or emails
  • JRS should not interrupt an employees’ continuity of service
  • Annual leave will continue to accrue
  • No PAYE tax/ or national insurance contributions are due
  • The grant is a reimbursement by HMRC so businesses may face cash flow issues
  • Changing the status of employees remains subject to existing employment law and may be subject to negotiation 

The terms

The Job Retention Scheme is a huge incentive for companies to keep employees on payroll. To access the support companies need to classify employees as a furloughed worker, which means they should not undertake any

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UK businesses lack tech infrastructure for long-term remote working

New data reveals that 33 per cent of UK businesses say they lack the technology infrastructure to manage long-term remote working during the Covid-19 crisis.

Due to the global outbreak, the measures that have been introduced to tackle the Covid-19 coronavirus mean that many organisations are having to consider how their employees can work remotely for the first time. With offices closing, millions off workers are now working from home for the foreseeable future.

Additionally, 41 per cent said they plan to increase their IT and tech investment in the coming weeks to cope with the new remote working structure during isolation. This could be because 26 per cent say they lack the digital skills in-house in order to manage widespread and long-term remote working for staff.

Almost half, agree that there should be more collaboration between the global business community to fortunate a plan of action in order to

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COVID-19 daily wrap: WA to ban regional travel

Western Australian Premier Mark McGowan said travel restrictions to and from Western Australia’s nine regions would soon be announced in a bid to slow the spread of COVID-19. The premier said interstate travel must be avoided.

Mr McGowan also announced Optus Stadium has been converted into an emergency headquarters for WA Police, where they will base their operational response.

The premier said beaches, including Scarborough and Cottesloe, would soon be closed if people did not adhere to social distancing rules.

“I don’t want to be doing this but if we have to protect people from themselves on our beaches, we will,” he said.

Police Commissioner Chris Dawson said police patrols at beaches had already started, with officers told to prevent the formation of large groups as the weather heated up. 

The announcements come as WA’s confirmed COVID-19 cases grew by 35 to 175, as at 3pm AEDT. Eleven coronavirus patients

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Shen tabbed to write Fortune’s Term Sheet

Lucinda Shen

Lucinda Shen has been named as the primary writer of Fortune magazine’s private equity/venture capital email newsletter Term Sheet.

She replaces Polina Marinova, who left the magazine last week.

Shen has been writing for the IPO section of the newsletter in recent years. She has also filled in for Marinova. She has been writing about finance, markets, and cryptocurrencies.

Shen joined Fortune.com as a reporter in 2016. Shen is a graduate of UNC-Chapel Hill with a degree in journalism. Before joining Fortune, she interned at Business Insider, where she covered the financial industry.

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