LONDON (Reuters) – Britain’s authorities will prolong by a month its pricey coronavirus wage subsidies to make sure employees who’re briefly laid off obtain 80% of their pay, Prime Minister Boris Johnson mentioned on Saturday as he introduced a brand new England-wide lockdown.

Britain launched the 80% wage subsidy scheme in March and it had been because of expire on Saturday to get replaced with a extra focused and fewer beneficiant assist.

The scheme supported 8.9 million jobs at its peak, and had been forecast to price round 52 billion kilos ($67.28 billion) over its eight-month lifespan.

Companies should contribute 5% of the employment prices for employees lined by the extension, the finance ministry mentioned.

It additionally mentioned a mortgage cost vacation scheme can be prolonged for households and enterprise premises that are required to shut due to coronavirus restrictions would get grants of as much as 3,000 kilos ($3,881) a month.

Mortgage debtors impacted by the pandemic and who haven’t but had a cost break will likely be entitled to a six-month vacation, whereas those who have already began a cost vacation will be capable to prime as much as six months, the ministry mentioned.

“I’ve all the time mentioned that we’ll do no matter it takes because the state of affairs evolves. Now, as restrictions get harder, we’re taking steps to offer additional monetary assist to guard jobs and companies,” finance minister Rishi Sunak mentioned.

“These modifications will present a significant security internet for folks throughout the UK.”

($1 = 0.7729 kilos)

(Reporting by Man Faulconbridge and Kate Holton, Writing by William Schomberg, Modifying by Alistair Smout)