Furlough has helped millions of people who may have otherwise lost their jobs due to the pandemic. The scheme, first introduced by the in March 2020, involved the Government covering 80 percent of wages for those unable to work due to coronavirus restrictions. While the scheme was scheduled to end earlier, the Chancellor announced in his Budget that it would be extended due to ongoing restrictions.
However, as the scheme is gradually phased out, there is a major change which is set to kick in on July 1, which is worth noting.
On this date, the Government is to drop its contributions to the scheme from 80 percent to 70 percent.
This means that people who are still on furlough will be getting their pay split further between two sources.
A total of 70 percent will be covered by the Treasury, up to a value of £2,187.50 under the scheme.
READ MORE: Martin Lewis issues important update to self-employed on SEISS Grant 5
Some fear the financial burden will be too much for certain organisations, who may cut jobs as a result.
Certain Britons may be staring down the prospect of redundancies,…
