The Chancellor called the scheme the “Coronavirus job retention scheme”. Government grants will cover 80% of the salary of retained workers up to a total of £2,500 a month. It will cover the cost of wages backdated to March 1 and be open initially for “at least” three months. The government will also suspend the minimum income floor in Universal Credit "for everyone effected by the economic impact of coronavirus". The Chancellor has been locked in talks with unions and business to draw up the package to bail out workers.

Source: Daily Mirror March 20, 2020 17:16 UTC