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What is the Coronavirus Job Retention Scheme and how will it work? BCU’s Assistant Director of Enterprise, Bernard Curren takes a look at the scheme and some of the implications for business. Bernard has over 30 years’ experience as a Company Founder, Director and Innovation Centre Manager, and is currently responsible for overseeing BCU’s new STEAM Incubator.
 
This content was last updated on 27 March 2020. It was edited on 14 April 2020 to include details of the author.

HOW DOES THE SCHEME WORK?

The basic idea behind the Coronavirus Job Retention Scheme is that, in order to be eligible for the 80% salary grant, employees must be “furloughed”.

This means that they’re placed in a limbo zone where they’re still employed but not able or allowed to do any work.

This salary grant is capped at £2,500 per month, per employee.