UK ramps up jobs protection push with social security, pensions pledge

Britain will ramp up its bid to slow a surge in unemployment caused by the coronavirus crisis by pledging public money to cover national insurance and pension contributions for companies that temporarily ask staff not to work.

Britain's government has ordered the shutdown of much of the economy in an attempt to slow the spread of the virus, raising the prospect of a heavy hit to growth and the risk of mass job losses. "The Chancellor will announce that the government will cover the costs of employer national insurance and pension contributions for businesses furloughing staff during the coronavirus outbreak," a statement from Prime Minister Boris Johnson's office said.

The statement said the announcement would be made later on Friday. Finance minister Rishi Sunak last week took the historic step of saying the British state would pay 80% of the wages of private-sector workers - capped at 2,500 pounds ($3,052) a month - for at least three months in an attempt to reduce permanent layoffs.

On Thursday, Sunak announced a similar plan for self-employed workers. ($1 = 0.8192 pounds)