France-based Fintech firm PayFit has upgraded its HR and payroll platform to allow UK companies to determine furlough and sick pay during the Coronavirus (COVID-19) crisis.
The updates to PayFit’s human resources software will give PayFit users the option to submit Coronavirus-related leave requests. The payroll platform will also calculate how much furloughed employees should get paid.
PayFit’s software will generate a report which determines how much money businesses can reclaim from Her Majesty’s Revenue and Customs (HMRC), a non-ministerial department of the UK government that collects taxes. HRMC is also responsible for the payment of certain types of state support and the administration of regulatory guidelines such as the national minimum wage.
PayFit’s new report section will provide both a monthly and yearly view of the costs related to the Coronavirus-related leave and furloughs. The software will also show the overall or total pay, and the amounts that can be reclaimed.
Non-clients of the Fintech firm will be able to use a free furlough wage calculator.
Nick Miller, managing director of PayFit’s UK-based operations, stated:
“Since the UK government introduced the Coronavirus Job Retention Scheme, businesses have been forced to move quickly to introduce measures to help see them through this unprecedented and difficult time, such as employee furlough schemes.”
“At PayFit, we want to do everything we can to ensure that growing businesses have all of the tools they need to survive, and even perhaps thrive, during the COVID-19 pandemic.”
HMRC revealed that 67,000 claims had been processed during the first 30 minutes of the introduction of the job retention scheme on April 20, 2020. Millions of other claims may be added to the register during the next few days.