Furlough scheme announcement: What time is Rishi Sunak’s speech today? – The Sun

RISHI Sunak is set to give an update on the Government's furlough scheme today.

Here's everything you need to know.

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What time is Rishi Sunak's announcement today?

The Treasury confirmed to The Sun Online Mr Sunak will make his announcement at today's coronavirus press breifing.

The briefing usually takes place at 5pm on weekdays.

You can catch it live on The Sun's YouTube channel, as well as most news channels and terrestrial channels.

What will be announced?

Mr Sunak is expected to announce the winding-down of the Government's Coronavirus Job Retention scheme.

The scheme, launched in March was originally intended to last just three months.

Since then, employers have furloughed 8.4 million staff and claimed up to 80 per cent of their wages.

Here's what's expected to change this afternoon:

No more workers on the scheme

It's highly likely the Chancellor will announce a cut off date for the scheme, after which no more workers can be added.

Although it's not yet clear when this will be – at the last announcement the scheme was extended until October.

The aim is to help cap spiraling costs for the Treasury, with the total bill for the rescue measures estimated to be at around £80 billion.

It will also put a stop to employers rotating workers, with some companies furloughing workers working full-time and bringing them back part-time.

Employers to pay 20 per cent of wages

It was announced previously that employers will be expected to pay a contribution towards the scheme after August.

Now several reports say that while the government will continue to pay furloughed workers 60 per cent of their wages, bosses are expected to pick up the bill for the remaining 20 per cent.

Concerns have been raised over some businesses potentially going bust if they're asked to contribute a portion of staff's wages.

The Institute of Directors said a quarter of its members using the scheme risked folding and experts warned 2 million jobs could be lost.

National Insurance contributions

Employers using the scheme will now also be expected to make National Insurance contributions.

They will also be asked to resume pension contributions.

They had previously been exempt from this under the scheme.

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