Striving to Thriving
Furlough... extended to end September 2021
The Government 'Furlough Job Retention Scheme' has been extended to
End SEPTEMBER 2021.
The Government will continue to pay 80% of the employees wages for hours not worked capped at £2.5K per month, reducing in July 2021 to 70%, the in August & September to 60% with the employer making the balance from July in order the employee receives 80% of their wages for hours not worked.
The challenge comes as most businesses are still trading in uncharted waters with no true knowledge of their future trading patterns. Many businesses are using the period of furlough support to fund redundancy notice periods.
PROMPT is working with several businesses to ensure maximum job retention whilst shaping their businesses to withstand reduced sales patterns. Clearly, it’s a balance between - ensuring the business has a sufficient team to deliver the product or service, whilst still keeping overheads as low as possible.
PROMPT has developed forecast modelling tools that help senior management to set the core overhead level, build in flex to increase or reduce resource, whilst still monitoring and managing the working capital runway.