UK Government to Pay 80% of Wages

By 23rd March 2020News

UK Government to Pay 80% of Wages

It has been announced that the UK government has pledged to pay 80% of the wages of millions of workers (up to £2,500) to keep them in employment as the Covid-19 crisis worsens.

The deal is that as long as companies keep their employees, then the government will pay 80% of their wages during this crisis (up to £2,500 per month), this is to help ensure that there isn’t a total economic crash as companies are forced to close. It also allows people to continue (almost) as normal, including paying their bills and not falling into further debt.

It has been announced that there will be no limit on this, and will continue for as long as needed, and payments will be backdated to the start of March. As further help to businesses, the government is also deferring the next quarter’s VAT payments to help companies stay afloat, as well as to inject around a further £30bn into the UK economy.

Economists are forecasting a doubling of the current unemployment rate, but the UK government is doing its best to prevent this.

If you ARE struggling to meet your repayments, we are still open and still helping people. Please talk to us today, and help us relieve at least one worry in this difficult time.

Stay safe – The team at Debt Assist UK.

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