Martin Lewis has explained all the changes to the furlough scheme following the Budget on Wednesday.
Rishi Sunak delivered a Budget that set out billions of extra spending to help the economy through the coronavirus crisis - but then massive tax hikes to pay for it.
The Chancellor extended furlough and other support past June 21 when all coronavirus restrictions are expected to have been lifted in order to give businesses an "extra cushion".
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Speaking to ITV's Good Morning Britain, the Chancellor said: "The approach we took with all of our support yesterday was first and foremost to make good on the promise we made a year ago, which was to do whatever it takes to support people, families, businesses through the crisis, and the Budget set that out.
"Furlough extension was a part of that, you're right, until the end of September.
"And we did that for a couple of reasons. I wanted people to have the reassurance that we were 'going long', beyond the end of the road map, because of course, things might change.
But there have been some changes to the scheme, which has been extended until September 30 2021.
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Martin explained on his ITV show that until June 30 an employee's furloughed wage will be covered entirely by the state.
But from July 1, the state will cover just 70% of an employee's furloughed wage, up to £2,187.50 per month. Employers will be expected to cover the remaining 10% to reach the required 80%.
From August 1, the state will only cover 60% of an employee's furloughed wage, up to £1,875 per month, with employers expected to cover the remaining 20%.