PUBLISHED: 09:57, Mon, Nov 2, 2020 | UPDATED: 10:00, Mon, Nov 2, 2020
The furlough scheme was extended for one month on Saturday, on the same day Prime Minister Boris Johnson announced plans for a second national coronavirus lockdown from November 5 until December 2. The additional financial support was due to end last month, but it will now remain open until December.
HM Treasury said via the extended Coronavirus Job Retention Scheme, employees will be able to receive 80 percent of their current salary for hours not worked, up to a maximum of £2,500.
Under the extended scheme, the cost for employers of retaining workers will be reduced compared to the current scheme, which ends today.
The Treasury said this means the extended furlough scheme is more generous for employers than it was in October this year.
This weekend, Chancellor Rishi Sunak said: “Over the past eight months of this crisis we have helped millions of people to continue to provide for their families.
READ MORE: Boris Johnson confirms furlough scheme extension amid second lockdown plans
Furlough scheme: Rishi Sunak was asked about the extended scheme on BBC Radio 4 (Image: GETTY)
"But now - along with many other countries around the world - we face a tough winter ahead.
“I have always said that we will do whatever it takes as the situation evolves.
"Now, as restrictions get tougher, we are taking steps to provide further financial support to protect jobs and businesses. These changes will provide a vital safety net for people across the UK.”
The Job Support Scheme had been due to come in on Sunday November 1 but it has now been postponed until the furlough scheme ends.