The Coronavirus Job Retention Scheme has been extended until the end of June.
The government made the decision due to the continued social distancing measures in place.
The scheme allows firms to furlough employees, with the government paying cash grants of 80% of their wages up to a maximum of £2,500.
Rishi Sunak (pictured), Chancellor of the Exchequer, said on Friday: “We’ve taken unprecedented action to support jobs and businesses through this period of uncertainty, including the UK-wide Job Retention Scheme.
“With the extension of the coronavirus lockdown measures yesterday, it is the right decision to extend the furlough scheme for a month to the end of June to provide clarity.
“It is vital for people’s livelihoods that the UK economy gets up and running again when it is safe to do so, and I will continue to review the scheme so it is supporting our recovery.”
This post has originally been featured in Property Wire.