Britain’s Job Retention Scheme Helps 3 Million Furloughed Workers From Retail, Hospitality Sectors - Forex News by FX Leaders
Britain's Job Retention Scheme Helps 3 Million Furloughed Workers From Retail, Hospitality Sectors

Britain’s Job Retention Scheme Helps 3 Million Furloughed Workers From Retail, Hospitality Sectors

Posted Friday, June 12, 2020 by
Arslan Butt • 1 min read

Latest figures from the Treasury indicate that shops, hotels, restaurants and food businesses have furloughed around 3 million workers in the UK. The retail and hospitality sectors account for the maximum temporary layoffs in the country, to be eligible for the government’s job retention scheme.

Wholesale and retail businesses have furloughed around 1.6 million of their workers while accommodation and food services firms have furloughed around 1.4 million workers under the government’s scheme. These two industries have been among the hardest hit ever since the government announced the lockdown to contain the spread of the coronavirus pandemic.

Overall, so far, around 8.9 million workers across the UK have been furloughed under this scheme, making them eligible to receive 80% of their wages by the government up to a maximum of £2,500 per month. The government had recently decided to extend its job retention scheme until the end of October, but businesses cannot furlough additional workers beyond the end of this month.

According to finance minister Rishi Sunak, “Our unprecedented coronavirus support schemes are protecting millions of vital jobs and businesses across the whole of the United Kingdom — and will help ensure we recover from this outbreak as swiftly as possible. We have extended both schemes so they will continue to provide measured support across the UK as we start to reopen the economy.”

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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