BBC

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More Than nine million workers are expected to be) furloughed under the government of the job retention System (JRS.

This is according to analysis by The Resolution Foundation, about the latest figures on the takeover of the scheme from The British chambers of Commerce (BCC).

The cost to the taxpayer of More Than three months is estimated to be £30-40bn.

Fresh figures from the BCC suggest that almost a fifth of smaller firms are planning to vacation all of your employees.

And 50% of companies put the majority of your employees in the System.

Urgent financing

The Job Retention Scheme " aims at the protection of jobs has been widely welcomed by companies that have seen their income fall because of the shutdown and in need of assistance to stay in business and keep employees.

The numbers under the increasing demand for the JRS of the business-hit by the shutdown, which is otherwise far more People redundant, the deterioration of the recent jumps in unemployment.

the staff can be a holiday - a break - and the company can hold to pay you, but 80% of their wages reimbursed to a grant from the government. The Ministry of Finance has promised companies the System ready until The End of the month.

The Resolution Foundation Think Tank calculated that if the pattern is repeated in the economy as a whole, then at least a third of employees furloughed in the Private Sector , Somewhere Between 7 million euros and 10 million People .

The cost for the government, these figures would be £30-£40bn over three months - roughly comparable with the amount the government spends each year on police and security.

Mark Reynolds , chief executive of the construction company Mace Group, said he had 800 employees on leave,

, If the shutdown is longer than may and in the summer, the cost is even greater.

A Treasury spokesman said: "the purpose of The Coronavirus Job Retention scheme, People in employment, the protection of People , their jobs and income, and the reduction of long-term damage to the economy. "

BCC's Director General, Adam Marshall , told The Bbc : "So many businesses across the country are in need of fast cash. If you do not receive a part of the financing, many of them are urgently need to by The End of this month, drastic steps.

"I'm afraid that we would see an increase in the rate of business failures. And we would see a lot of otherwise viable businesses go to The Wall . That is why it is so important that the holiday scheme and other government support programs, cash out to The Front as quickly as possible. "

Mark Reynolds , chief executive of the construction company Mace Group, said he had 800 employees on leave,

"which allowed for the vacation scheme, it is for us to keep the capacity and capability in our company, so that if we come, can we then re-deploy our People immediately, so we can go Back To work," he told The Bbc .

Saj Devshi the Job changed, after the 28. February cut-off date and must not qualify to be furloughed from his new employer.

Torsten Bell, chief executive of The Resolution Foundation Think Tank , said: "Through the subsidization of up to 80% of the wages of the employees, the scheme Will help millions of workers who otherwise face catastrophic hits on their standard of living. The cost of the system depends on the company, the acquisition and the length of time the workers are in need of furloughed.

"But with recent polls suggest that at least a third of the labour force could be paid in the Private Sector through the System, it Will probably cost you as much as £30 billion to € 40bn over three months. The economic and social costs of mass unemployment in The Absence of such a scheme would be far greater. "

But, what amounts to a huge security net still has holes big enough for tens of thousands of People slip through.

Simple fix

Saj Devshi the Job changed, after the 28. February cut-off date and must not qualify to be furloughed from his new employer.

He calls for the Chancellor to review the scheme, he believes, is unfair for many a newbie.

"I'm really concerned about what the impact Will be for a lot of People in my position," He Said .

"It's fix is real easy; all you have to do is remove the cut-off date, you have not imposed, other countries are following this model. There are easy ways to check People employment.

"I would also like to see, to rescue the former employer to step in This Time of national emergency and rehire former employees with the holiday scheme, which has been specially developed, the international incomes in this period. "

uk economy, coronavirus lockdown measures, coronavirus pandemic, economics

Source of news: bbc.com