Furloughed Staff Payment Support – Wagestream Covid-19 Response
The Chancellor recently set out a range of measures designed to support businesses, big and small, through the crisis and help them to support their staff during this period of disruption. A key part of the measures is the Coronavirus Job Retention Scheme (CJRS).
The Scheme means that all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would have otherwise been made redundant during this crisis. In response to this we are facilitating instant payment of up to 50% of their ‘furloughed’ income.
How does it work?
- Alert Wagestream to any ‘furloughed’ employees via your integration or a manual CSV upload
- Ensure the field for ‘furloughed’ employees is updated to represent 80% of income*
- Enrolled employees can immediately access 50% of their ‘furloughed’ income
- Wagestream and the employer will then settle up via the normal process on payday
- Employer should claim reimbursement directly with HMRC
*This could be a fixed salary amount/ contracted hour amount/ average hours amount.
How does this affect reimbursement from HMRC?
Employers will still need to submit information to the HRMC about any employees on the scheme separate to this process. Employers do not need to wait until they have done this to start issuing wages to furloughed staff with Wagestream.
For more information on the scheme itself, click here.
The functionality is now available on the Wagestream portal and aims to reduce any financial stress that may be caused by the outbreak. If you have any questions please contact your CSM or reach out via firstname.lastname@example.org
If you are not already working with Wagestream but want to make use of this feature or any other Wagestream features you can now go live in under 24 hours under a new process. For more information and to go live in under 24 hours please get in touch.