UK's furlough scheme to be closed to new entrants: reports

The UK's chancellor of the exchequer Rishi Sunak is set to announce that the UK Government's furlough scheme will be closed to new entrants in a speech at the end of this week.

According to the FT, the cut-off date for the job retention scheme - which is an 80% salary contribution (of up to £2,500 per month) to those temporarily made redundant as a result of the coronavirus fallout - is yet to be confirmed.

Sunak, Britain's finance minister, will also reveal how companies will be expected to contribute to the furlough scheme from the beginning of August, with businesses likely to have to pay 20% of workers' wages and for employees to be allowed back to work on a part-time basis.

According to the FT, the Treasury is therefore eyeing a cut-off date for new participants into the scheme to prevent companies from simply making full-time workers part-time under the new rules.

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