Bonus mail 2021

Use HMRC’s digital assistant to find more information about the coronavirus support schemes.

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Check if you can claim the Job Retention Bonus from 15 February 2021, bonus mail 2021.

You can also contact HMRC if you cannot get the help you need online.

You made an eligible claim for under the coronavirus job retention scheme
You kept continuously employed from the end of the claim period of your last coronavirus job retention scheme claim for them, until 31 january 2021
Are not serving a contractual or statutory notice period for you on 31 january 2021 (this includes people serving notice of retirement)
You paid enough an amount in each relevant tax month and enough to meet the job retention bonus minimum income threshold

Check if you can claim the job retention bonus from 15 february 2021

Find out if you’re eligible to claim the job retention bonus and what you need to do to claim it. You will be able to claim it between 15 february 2021 and 31 march 2021.

This guidance was withdrawn on 5 november 2020

The job retention bonus will no longer be paid in february, as the coronavirus job retention scheme has been extended until the end of march 2021. Further details about the extension are available.

You cannot claim the job retention bonus until 15 february 2021. This guidance will be updated by the end of january 2021 with how to access the online claim service on GOV.UK.

The job retention bonus is a £1,000 one-off taxable payment to you (the employer), for each eligible employee that you furloughed and kept continuously employed until 31 january 2021.

You’ll be able to claim the bonus between 15 february 2021 and 31 march 2021. You do not have to pay this money to your employee.

Who can claim

You can claim the bonus if you’re an employer who has furloughed employees and made an eligible claim for them through the coronavirus job retention scheme. Your employee must have been eligible for the coronavirus job retention scheme grant for you to be eligible for the bonus.

You can still claim the bonus if you make a claim for that employee through the job support scheme. Guidance on the job support scheme will be published soon.

If you have repaid coronavirus job retention scheme grant amounts to HMRC

You cannot claim the bonus for any employees that you have not paid using the coronavirus job retention scheme grant because you have repaid all the grant amounts you claimed for them. This applies regardless of the reason why you repaid the grant amounts.

Employees you can claim for

You can claim for employees that:

You made an eligible claim for under the coronavirus job retention scheme

You kept continuously employed from the end of the claim period of your last coronavirus job retention scheme claim for them, until 31 january 2021

Are not serving a contractual or statutory notice period for you on 31 january 2021 (this includes people serving notice of retirement)

You paid enough an amount in each relevant tax month and enough to meet the job retention bonus minimum income threshold

If HMRC are still checking your coronavirus job retention scheme claims, you can still claim the job retention bonus but your payment may be delayed until those checks are completed.

HMRC will not pay the bonus if you made an incorrect coronavirus job retention scheme claim and your employee was not eligible for the coronavirus job retention scheme.

Employees who have been transferred to you under TUPE or due to a change in ownership

You may be eligible to claim the job retention bonus for employees of a previous business which were transferred to you if:

TUPE rules applied

The PAYE business succession rules applied

The employees were associated with the transfer of a business from the liquidator of a company in compulsory liquidation where TUPE would have applied if the company was not in compulsory liquidation

To claim the job retention bonus for employees that have been transferred to you, you must have furloughed and successfully claimed for them under the coronavirus job retention scheme, as their new employer. The employees must also meet all the relevant eligibility criteria for the job retention bonus.

This means that you will not be able to claim the job retention bonus for any employees who are transferred to you after the coronavirus job retention scheme closes on 31 october 2020.

Claiming for an individual who’s not an employee

You can claim the job retention bonus for individuals who are not employees, such as office holders or agency workers, as long as you claimed a grant for them under the coronavirus job retention scheme and the other job retention bonus eligibility criteria are met.

The minimum income threshold

To be eligible for the bonus you must make sure that your employees have been paid at least the minimum income threshold.

To meet the minimum income threshold you must pay your employee a total of at least £1,560 (gross) throughout the tax months:

6 november to 5 december 2020

6 december 2020 to 5 january 2021

6 january to 5 february 2021

You must pay your employee at least one payment of taxable earnings (of any amount) in each of the relevant tax months.

The minimum income threshold criteria apply regardless of:

How often you pay your employees

Any circumstances that may have reduced your employee’s pay in the relevant tax periods, such as being on statutory leave or unpaid leave

We will check that your employees have been paid at least the minimum income threshold by checking information you’ve submitted through full payment submissions via real time information (RTI).

What payments are included in the minimum income threshold

Only payments recorded as taxable pay will count towards the minimum income threshold. Taxable pay is reported to HMRC as a single figure through full payment submissions via real time information (RTI).

If you are making redundancies

If you make redundancies, you must comply with the normal rules for redundancy, which include using fair redundancy criteria. These rules apply even if this means that fewer of your employees are eligible for the job retention bonus.

Get ready to claim

You cannot claim the bonus until 15 february 2021. This guidance will be updated by the end of january 2021 with details on how to access the online claim service on GOV.UK.

Before you can claim the bonus, you will to need to have reported all payments made to your employee between 6 november 2020 and 5 february 2021 to HMRC through full payment submissions via real time information (RTI).

There are some steps you need to take now to make sure you’re ready to claim.

Still be enrolled for PAYE online

Comply with your PAYE obligations to file PAYE accurately and on time under real time information (RTI) reporting for all employees between 6 april 2020 and 5 february 2021

Keep your payroll up to date and make sure you report the leaving date for any employees that stop working for you before the end of the pay period that they leave in

Use the irregular payment pattern indicator in real time information (RTI) for any employees not being paid regularly

Comply with all requests from HMRC to provide any employee data for past coronavirus job retention scheme claims

Using an agent to do PAYE online and claim the job retention bonus

If you use an agent who is authorised to do PAYE online for you, they will be able to claim the job retention bonus on your behalf.

This guidance will be updated by the end of january 2021 with details on how agents can claim the bonus for you.

Tax treatment of the job retention bonus

You must include payments you receive under the scheme as income when you calculate your taxable profits for income tax and corporation tax purposes.

Businesses can deduct employment costs as normal when calculating taxable profits for income tax and corporation tax purposes.

Individuals with employees that are not employed as part of a business (such as nannies or other domestic staff) will not have to pay tax on grants received under the scheme.

When the government ends the scheme

You will have until 31 march 2021 to make a job retention bonus claim after which the scheme will close. No further claims will be accepted after this date.

You will not be able to claim until 15 february 2021 and this guidance will be updated by the end of january 2021 with details on how to access the online claim service.

Contacting HMRC

We are receiving very high numbers of calls. Contacting HMRC unnecessarily puts our essential public services at risk during these challenging times.

Get help online

Use HMRC’s digital assistant to find more information about the coronavirus support schemes. You can also contact HMRC if you cannot get the help you need online.

Other help and support

You can watch videos and register for free webinars to learn more about the support available to help you deal with the economic impacts of coronavirus.

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Winnings which are generated from promotional free spins will go into your bonus credit account.

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Game specific rules will be made available to you when you start playing a game. These rules can be located on the website and within each game. These are referred to as the rules of the games. It is your responsibility to read and understand these game specific rules before you start playing.

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COVID-19 the job retention bonus

Last updated 5 november 2020

UPDATE 5 NOVEMBER 2020 - following the chancellor's announcement that the coronavirus job retention scheme (CJRS) has been extended until 31 march 2021, the latest HMRC policy paper states that:

"the job retention bonus (JRB) will not be paid in february 2021 and a retention initiative will be deployed at the appropriate time. The purpose of the JRB was to encourage employers to keep people in work until the end of january. However, as the CJRS is now being extended to 31 march 2021, the policy intent of the JRB no longer applies."

We will update this page further as we learn more.

UPDATE 2 NOVEMBER 2020 - following the government's announcement of the second lockdown in england from 5 november 2020, the coronavirus job retention scheme (CJRS) has been extended until december. We do not yet have details how the extended CJRS and the job retention bonus (JRB) will interact. We will update this page as we learn more.

On 8 july, the chancellor announced an incentive for employers to bring back staff who were furloughed during the period march to october 2020.

Under the job retention bonus, the government will pay £1,000 to employers for each previously furloughed employee who remains continuously employed until 31 january 2021. The bonus is intended to provide additional support to retain employees after the coronavirus job retention scheme (CJRS) ends on 31 october.

Unlike the CJRS and job support scheme (JSS), any funds received under the bonus scheme by employers can be kept by them and do not have to be passed on to the employee. The bonus payment received will be taxable in the hands of the employer – unless the employer is an individual who has employees such as nannies or domestic staff who are not part of a business.

Employer eligibility

To be eligible, the employer must have made valid claims for the employees in question under the CJRS.

If the employer has repaid any grant in respect of some or all of their employees – for whatever reason – then they will not be able to claim the bonus in respect of those employees.

Where employees have been transferred under TUPE or following a change in ownership prior to 31 october, a bonus claim may still be possible by the new employer, if the new employer continued to furlough the transferred staff. There is more detail on GOV.UK.

Employee eligibility

A claim can be made for an employee provided that:

They were eligible to be furloughed under the CJRS, were actually furloughed at some point and were included on an eligible CJRS claim by their employer.

They are continually employed up until at least 31 january 2021.

They receive a payment in each of the tax months of november, december and january and the total of those payments exceeds the minimum income threshold of £1,560 gross (see below).

They are not serving a contractual or statutory notice period that started before 1 february 2021.

There is no requirement for employees to still be on furlough when the CJRS closes at the end of october. The bonus will therefore be due even where the employee was only furloughed for the minimum period of three continuous weeks at some point during march to june and then went on to work throughout the rest of the CRJS period and for the months beyond.

The minimum income threshold

When it comes to the requirements for minimum income thresholds and frequency of payment, HMRC is working to tax months, not calendar months, so the minimum income threshold will be assessed over the following periods:

6 november to 5 december 2020

6 december 2020 to 5 january 2021

6 january to 5 february 2021

In addition, the rules require that a payment of taxable earnings has to be made at least once in each of the three tax months above, whether the employee is paid weekly, monthly or some other frequency.

The amounts paid in each tax month can vary, as long as the total, minimum income threshold of £1,560 is met. This is a welcome change from earlier guidance as it allows more flexibility for changes to working patterns (the initial guidance released in august had suggested that employees needed to be paid a minimum of £540 per month).

The new flexibility will also be helpful in situations where an employee is off sick and not able to work in one of the periods above. Provided that they are eligible for SSP and so have some taxable income for that period, as long as the payments in other months combine to take them over the threshold they should still be eligible for a bonus claim.

The threshold of £1,560 is based on taxable pay – even if due to the employee’s personal circumstances they are not actually earning enough to pay tax. This means that care will need to be taken where employees have pension contributions deducted under net pay arrangements, which reduces their taxable pay, as it could take them under the minimum income threshold.

We have commented further on the interaction of the minimum threshold with the JSS, where HMRC may be contributing towards employees’ wages in the period, below.

HMRC has published examples of employees who will qualify their employer for the bonus.

Company directors

Company directors and other office holders who have been furloughed can qualify, provided that they meet all the other conditions.

For directors of owner-managed businesses in particular, it will be important to ensure that they are paid an amount of taxable pay in each of the months in the relevant three-month period as often such directors opt to receive salary on an annual payroll to keep administrative costs low.

Interaction with other support claims

As noted above, use of the job retention bonus depends on the employer having used the CJRS.

The bonus scheme can be used in conjunction with the JSS. This means that employees taken off furlough can receive further support under JSS while potentially still qualifying their employer for a bonus claim, provided the minimum income threshold is met.

Further detail on how payments from the JSS will interact with the minimum income threshold test for the bonus scheme is required. Given the current guidance states taxable pay counts towards the minimum threshold and that the government’s contribution to an employee under JSS is taxable, it is tempting to presume that the government’s contribution under JSS can be counted towards the threshold for the bonus. However, explicit confirmation from the government is needed on this point so that employers can budget accordingly.

Making a claim

Claims cannot be submitted until 15 february 2021 and all claims must be made by the deadline of 31 march 2021. As for the CJRS, agents will be able to make claims on behalf of employers.

HMRC have indicated that guidance on making the claims online will be available by the end of january 2021.

In order to check claims, HMRC needs all the relevant RTI data to confirm eligibility over the relevant periods and employers are advised to keep their payroll records up to date. HMRC are also reminding employers to:

Retain their enrolment for PAYE online.

Comply with their PAYE obligations to file PAYE accurately and on time under RTI reporting for all employees between 6 april 2020 and 5 february 2021.

Keep their payroll up to date and make sure they report the leaving date for any employees that stop working before the end of the pay period that they leave in.

Use the irregular payment pattern indicator in RTI for any employees not being paid regularly

Comply with all requests from HMRC to provide any employee data for past CJRS claims

Where HMRC is checking an employer’s CJRS claims, they can still claim the bonus, but any payments might be delayed.

The UK bank that won't pay bonuses this year: "we're quite annoyed"

While people at U.S investment banks wait to be told their bonuses in the next few weeks, employees at one british bank have already had their bubbles burst: lloyds bank informed staff that they wouldn't be receiving performance-related bonuses for 2020 just before christmas.

Insiders and headhunters say the edict applied as much to people working in markets roles as to people working in the retail bank.

The decision not to pay bonuses is reminiscent of deutsche bank's move in 2017. A spokesperson for lloyds said the policy reflected the bank's "expected levels of profitability for 2020" and "in no way reflects the hard work and commitment" of its people.

Lloyds doesn't break out the performance of its sales and trading business, but when it released its third quarter results for the three months to the end of september 2020, the bank said markets income had been "resilient." insiders at the bank suggest this was an understatement: "FX, rates and credit did ok overall, but FX smashed it," said one trader in london, speaking on condition of anonymity. "some teams have had an exceptionally good year. We're quite annoyed."

One headhunter said he's receiving disgruntled calls from lloyds traders: "it seems that no one between the staff and the C-suite saw this come and people are pretty demoralised."

The decision to cancel bonuses for 2020 came as lloyds is transitioning to a new CEO. - charlie nunn is taking over from antónio horta-osório sometime mid-year after working through his six-month HSBC notice period. Insiders at the bank suggest that the bonus decision came from horta-osório, who wants to leave on a good note with investors.

One trader said the absence of bonuses will make lloyds staff targets for other banks that are hiring. In theory, the bank will mitigate the absence of performance related pay with "above inflation pay increases" for salaries. However, the spokesperson said these will be, "geared towards colleagues on lower pay."

"the initial noises we're getting is that we shouldn't get our hopes up about the salary rises," said the trader. "we should find out in february."

Jpmorgan's results look bad for jpmorgan's bonuses

Jpmorgan's increased revenues aren't flowing to employees

Jpmorgan has reported its fourth quarter and full year results for 2020. It won't be announcing bonuses to staff until next week, but based upon today's figures bonuses probably won't be great. - although profits at jpmorgan's corporate and investment bank (CIB) rose 43% last year, spending on compensation was up a mere 4%.

The pattern was repeated in the fourth quarter, when bonuses are typically accrued. Compensation spending in jpmorgan's CIB actually fell 18% compared to 2019.

The compensation figures are causing apprehension among jpmorgan's bankers and traders who are facing a salary freeze at vice president level and above. "as suspected, they seem to transferring money to shareholders rather than giving employees a share," says one executive director. "this benefits the share price and is good for managing directors with vested restricted stock units. There was no need to freeze salaries across the board - they could have used some of $2.9m of reserves they released to pay employees."

The squeeze on compensation comes after a record year in the corporate and investment bank. - fixed income markets revenues rose 45%; equity markets revenues rose 33%; equity underwriting revenues rose 66% and debt capital markets revenues rose 23%. Only M&A advisory revenues didn't rise by double digits - they were flat on 2019.

In notes accompanying its results, jpmorgan said credit, currencies and emerging markets traders did well in its fixed income division and that cash equities and equity derivatives traders also had a strong final quarter. The bank outlined growth plans for 2021, saying that it wants to hire bankers and advisors and to expand the asset management business and corporate and investment bank in china.

2020's excellent performance in the corporate and investment bank is not expected to continue, however. Jpmorgan said the return on equity in the CIB is expected to be around 16% this year, down from 20% in 2020.

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MEF: lower increments, bonuses trend to continue in 2021

Monday, 14 dec 2020 05:56 PM MYT

KUALA LUMPUR, dec 14 —T he malaysian employers federation (MEF) said executives and non-executives will likely see the trend of reduced increments and bonuses to continue in 2021, based on the latest MEF salary surveys for executives and non-executives.

MEF president datuk syed hussain syed husman said only 58.4 per cent of surveyed companies granted a salary increase to their executive staff this year, compared with 88.3 per cent in 2019, while only 61.7 per cent of companies granted a salary increase for non-executives (87.6 per cent in 2019).

The average salary increase forecast for executives and non-executives was also lower in 2020 compared to 2019, at 4.82 per cent (5.15 per cent in 2019) and 4.79 per cent (4.96 per cent in 2019), respectively.

“the results were expected due to the adverse impact of the covid-19 pandemic.

“this trend is expected to persist into next year as the forecast average salary increase for executives and non-executives in 2021 was lower at 4.59 per cent and 4.57 per cent, respectively,” he said in a statement today.

The 26 th edition of the MEF salary survey covered 179 benchmarked positions of 20,733 executives, while the non-executives survey covered 64,625 non-executives with 138 benchmarked positions.

Syed hussain said the forecast bonus for executives and non-executives in 2021 also dropped to 1.75 and 1.57 months, respectively, compared to 1.94 and 1.65 months of bonus granted in 2020.

He said during the movement control order (MCO), respondent companies operated at 60 to 70 per cent of the workforce capacity, which rose to 80 per cent for all levels of executives during the conditional MCO (CMCO).

The workforce capacity utilisation for non-executives—ranging from general labourer/unskilled employees to supervisors—was at approximately 56 per cent during the MCO, then rose to 77 per cent during the CMCO.

“more than half of the respondent companies froze hiring of executives and non-executives in 2020 to cope with the impact of the pandemic, while approximately 38 per cent of the companies maintained their recruitment practices,” syed hussain said.

The survey revealed that about 36 per cent of the respondent companies have yet to decide on their 2021 recruitment policy as the outlook for the pandemic is still uncertain.

Additionally, about 31.8 per cent of the companies said they will maintain their new hiring policy, while approximately 20 per cent of the companies will adopt a hiring freeze policy in 2021. — bernama

My husband and I use a 2-part strategy to handle raises and bonuses, and it's making all the difference in our retirement savings

Figuring out how to handle raises and increases in income has been an essential part of my husband's and my long-term financial planning. However, it wasn't something we talked about when we got married, or even when we started making choices about how to manage increases in salary or income.

What really made the difference for us was reading financial-advice articles — they've helped us decide how to spend and save additional income.

We took a percentage-based strategy with my husband's 401(k)

When my husband first started his current job back in 2006, one of the decisions he had to make was whether or not to sign up for a 401(k). Signing up for the account wasn't a difficult decision. We knew a solid piece of financial advice, which is to never leave money on the table, and because his company matches up to 5%, not signing up for the benefit would have meant not receiving money that was part of his job package.

The more detailed decision he had to make was how to contribute to his 401(k). Did he want to contribute a specific amount of money each pay period, or did he want to contribute a percentage of his income?

He decided to take out 5% of his income because that was all we could afford at the time, and it qualified him for the total company match. Contributing a percentage of his income has turned out to be at the top of the list of one of our best saving techniques.

It worked out so well because my husband's raises, bonuses, and overtime are all part of the total of the calculated percentage taken out for his 401(k). In that way, we never had to plan to put a portion of additional income aside. The extra income became a part of his earnings, and 5% of the total automatically upped his contribution.

The overall result of a percentage-based strategy was that when he earned additional funds, the total amount saved in his 401(k) increased without any effort or thought on our part, and it eliminated the chance that we would spend it all without adding to our retirement accounts.

We've lived below our means and kept our budget the same over time

Contributing a percentage out of my husband's paycheck to his 401(k) isn't the only way we have handled raises and my fluctuating freelance income over time. Over the last decade, our incomes have increased (not always true of mine), but we have attempted to keep our monthly budget close to the same amount. To say that another way, when we were able to, we lived below our means.

Of course, life throws the occasional unexpected expense at us, but overall, we haven't increased our monthly expenditures too much over time. We have added more streaming channels and updated cell phones, plus the cost of inflation, but still, we have landed on the upside when it comes to savings.

Approximately six years ago, after a couple of promotions, we were able to increase my husband's 401(k) contribution to 10% because we've kept our expenses the same. Because the percentage is based on the total amount of his income, we save an extra $1,000 to $1,500 per year (depending on bonuses, overtime, and raises) for retirement.

Plus, by keeping our budget about the same each month as my husband's income increased, we've been able to put between $100 and $400 of my income into a savings account monthly, which can mean an additional $1,200 to $2,000 annually.

Saving an additional $3,000 to $4,000 a year may not be enough to fund a stable retirement. Still, when combined with good saving habits overall, it adds up and makes a substantial difference. It is way more satisfying to me than spending it on something that goes out of fashion in a season or that only sparks joy for a short period. I'm all about the numbers!

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