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This evening the Chancellor of the Exchequer announced further details on how the Job Retention Scheme (JRS) will evolve. From July 1st, furloughed employees will be able to return to work part-time. Employers will gradually start to contribute to the cost of furloughing employees in August, starting with pension and NI contributions, and building up to 20% of salaries in October. Our Chief Executive, Stephen Woodford, has released the following statement:
“The Job Retention Scheme has been an extraordinary measure for extraordinary times and for many firms and people in advertising this support has been critical to them weathering the downturn so far. As the scheme evolves and the economy begins to re-open, it is fair that businesses should shoulder more of the costs and we are pleased to see the flexible, tapered approach taken by Government, particularly that colleagues can return part time if necessary. As we look ahead and support measures like this are eased back, it is vital that Government do all it can to encourage growth. One effective way of achieving this would be through our proposal for a tax credit for advertising, which could encourage more businesses to increase their advertising. This would deliver benefits for the UK economy as a whole, with consumer confidence being critical to the recovery and every pound spent on advertising generating six pounds of GDP.”
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