Crisis | Should leaders be taking coronavirus pay cuts?

The financial fallout of coronavirus is being felt in every sector.

Earlier this week, Chancellor of the Exchequer, Rishi Sunak, announced that all businesses not selling food or essential supplies were to either work completely remotely or close their doors. The news came as PM Boris Johnson told cafes, pubs, restaurants, bars, nightclubs, cinemas and other public leisure facilities to close last week.

Whilst the measures are necessary, the financial fallout of the decision has resulted in redundancies, widespread panic and uncertainty around employment and significant losses. To combat redundancies, Sunak unveiled an “unprecedented” measure that will see the Government help pay staff wages for the first time in history.   

Looking for more

Leadership | How top CEOs are tackling working from home

Under the new coronavirus job retention scheme, employers will be able to apply for a grant from HMRC to cover the wages of those not able to work due to office shutdowns but haven’t been let go.