OGUK Welcomes Furlough Extension



OGUK Welcomes Furlough Extension
Industry body Oil & Gas UK has welcomed the UK Chancellor of the Exchequer's announcement that the furlough scheme will be extended until the end of March next year.

Industry body Oil & Gas UK (OGUK) has welcomed the UK Chancellor of the Exchequer’s announcement that the furlough scheme will be extended until the end of March next year.

“We welcome the support the chancellor is providing today as it may provide a vital lifeline to many of our members enabling them to retain hundreds of workers in our industry whose skills and capabilities we will need to deliver deferred work, enable recovery and support our efforts in the transition to a low carbon future,” OGUK’s workforce engagement and skills manager, Alix Thom, said in an organization statement.

“Along with so many people facing continuing uncertainty due to Covid-19, our sector faces extra pressures generated by volatile oil and gas prices,” Thom added.

“These challenges inevitably mean recovery will take longer but we are doing all we can to support our supply chain and mitigate against further job losses,” the OGUK representative went on to say.

On November 5, the UK government revealed that the Coronavirus Job Retention Scheme (CJRS) will now run until the end of the first quarter of 2021, with employees receiving 80 percent of their current salary for hours not worked. The government also noted that support for millions more workers through the Self-Employment Income Support Scheme (SEISS) will be increased, with a third grant covering November to January calculated at 80 percent of average trading profits, up to a maximum of $9,841 (GBP 7,500).

“I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK - and that has meant adapting our support as the path of the virus has changed,” Rishi Sunak, the UK chancellor of the exchequer, said in a government statement.

“It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support,” he added.

“Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter,” Sunak continued.

As of November 9 there have been 1.17 million confirmed cases of Covid-19 across the UK, with 48,888 deaths, according to the latest figures from the World Health Organization (WHO). Globally, there have been 50 million confirmed cases with 1.25 million deaths, as of November 9, WHO data shows.

To contact the author, email andreas.exarheas@rigzone.com



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