Page 17 - BOSS Today Issue 51

BOSS Today #51

nother ‘Coronavirus Budget’ began to support employers while levels of n The introduction, by March 2022, of
Awith a summary of the ‘acute damage’ sickness absence remain high. As with an ‘elite’ points-based visa. Within this
the pandemic has done to the UK other business support schemes, the visa there will be a ’scale- up’ stream,
economy and will continue to do. The government will set out steps for closing enabling those with a job offer from a
Chancellor emphasised that more than this scheme in due course. recognised UK scale-up to qualify for a
700,000 people have lost their jobs and fast-track visa.
the economy has shrunk by 10% – the Traineeships n The Global Talent visa will be
largest fall in 300 years, with government There will be an additional £126m reformed, including allowing holders of
borrowing being the highest it has been made available for work placements international prizes and the winners
outside of wartime. and training for 16-24 year-olds in the of scholarships and programmes for
However, there were some glimmers 2021/22 academic year. Employers who early promise to automatically qualify.
of economic hope to accompany the provide trainees with work experience n A review of the Innovator visa to make
success so far of the vaccine rollout, with will continue to be funded at a rate of it easier for those with the skills and
forecasts suggesting that the economy £1,000 per trainee. experience to found an innovative
will recover more quickly than previously business to obtain a visa.
thought (apparently it is due to be back Apprentice payments n The launch of the new Global Business
to pre-COVID levels by the middle of next The government will extend and increase Mobility visa by spring 2022 for overseas
year). Nevertheless, in five years’ time the the payments made to those employers in businesses to enable a presence in - or
UK economy will still be 3% smaller than England who hire new apprentices. Those transfer staff to - the UK.
it otherwise would have been without the who do so between 1 April 2021 and 30 n Practical support for small firms that
COVID-19 crisis. September 2021 will receive £3,000 per are using the visa system for the first
In total, an additional £65bn of measures new hire, compared with £1,500 per new time.
were announced by the Chancellor. Here apprentice hire (or £2,000 for those aged n Modernisation of the immigration
is our first glance at those which are most 24 and under) under the previous scheme. sponsorship system to make it easier
likely to affect our industry. to use.
Apprenticeships across n Establishment of a global outreach
different employers strategy by expanding the Global
The government will introduce a £7 Entrepreneur Programme, marketing
million fund from July 2021 to help the UK’s visa offering and exploring
employers in England to set up and building an overseas talent network.
expand portable apprenticeships. This
will enable people who need to work
across multiple projects with different
Employment and staffing employers to benefit from the high-
The Coronavirus Job Retention Scheme quality long-term training that an
(aka the furlough scheme) will be apprenticeship provides. Employers will
extended until the end of September also benefit themselves from access to a
2021. Employees will continue to receive diverse apprenticeship talent pipeline.
80% of their current salary for any hours Business finance
not worked. There will be no employer Wages New loans for recovery
contributions - beyond National Insurance The government has asked the Low From 6 April 2021 a new Recovery
contributions (NICs) and pensions - Pay Commission to make UK-wide Loan Scheme will provide lenders with
required in April, May and June. From July, recommendations with the aim of reaching a guarantee of 80% on eligible loans
as the economy reopens, the government its target for a National Living Wage (NLW) between £25,000 and £10 million to give
will introduce an employer contribution of two thirds of median earnings, extended them confidence in continuing to provide
towards the cost of unworked hours of to those aged 21 and over, by 2024, as finance to UK businesses. The scheme will
10% in July, 20% in August and 20% in economic conditions permit. be open to all businesses, including those
September. who have already received support under
High-skilled migration the existing COVID-19 guaranteed loan
Statutory Sick Pay (SSP) Rebate Scheme The new Points Based Immigration schemes.
SMEs will continue to be able to System has been in effect since January
reclaim up to two weeks of eligible SSP 2021 and the Budget announced further
costs per employee. This scheme is a immigration measures, with more details
temporary COVID-19 measure intended to follow in the summer:

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