Jobs Retention Bonus – How Does it Work?
The jobs retention bonus is usually paid to businesses when they retain the employee on staff until January, and they pay them about an extra£520 a week, on average, to do so. However, if all furloughed employees return to work from their employer then the scheme will end up costing the Government a further billions of pounds, which the Chancellor has now acknowledged.
It’s important to note that some people think that their company might actually lose money if they didn’t take on more staff – they are wrong. In fact, if all the people who were being laid off were replaced then the company would be making a saving. But it’s not the job of a company to replace people. It’s the job of the government to decide what to do with those people.
So it’s a government-run organisation, but it’s still in charge of employment practices. The job of any company trying to take on another employee is to keep them on staff as long as possible – but that might not always be so easy.
Jobs Retention Bonuses
Jobs retention bonuses were introduced by the previous government and in order to be eligible, it was necessary that the company had to have lost staff due to redundancy, for whatever reason. It’s not actually the government’s fault that many businesses lose staff, as many businesses have been hit by the recession as well as the introduction of the bonus scheme. But even though the economy has improved, the number of new jobs created is lower than it used to be and that means there is less money to pay the benefits to people.
There is no point in trying to retain staff if you can’t afford to. Of course the Government isn’t likely to provide any money for this bonus scheme, so it’s up to business owners to try and find the funds themselves. In this case it is essential that you look into how the redundancy scheme works.
When you’re looking for jobs, don’t just assume that every company is going to keep your staff. In order to keep staff you have to pay up to two years of training and have to keep them interested in the business. You also have to offer them a variety of benefits so that they won’t feel that you don’t value them as much. – including some form of job security and some sort of bonus.