The Coronavirus Job Retention Scheme provides an opportunity for employers to furlough their employees for a period of up to four months. PayFit's furlough calculator helps you calculate how much your employees will receive from government reimbursements.
You will receive the calculator via email and will require the following details in order for calculations to be accurate.
1. Enter employee(s) reference code (eg. Name) for data summary
2. Enter employee(s) total annual wage (in accordance with their contract)
3. Enter the date that the furlough period for the employee began (this should be on or after the 01/03/2020)
4. Enter the date that the furlough period for the employee ended/will end (this should be no later than the 31/05/2020)
5. Enter the National Insurance category letter for the employee. (For reference: www.gov.uk/national-insurance-rates-letters/category-letters)
6. Enter the percentage contribution that the employer contributes towards the employee(s) pension (3% minimum)
7. Enter the employee(s) pay date (i.e. the date your payroll is run)