The Jobs Support Scheme will replace the furlough scheme when it ends on 31 October.
The government and firms will top up workers' wages covering up to two-thirds of their hours for the next six months, the chancellor has said.
Employees will have to work for at least a third of their normal hours to quality for the new scheme, which begins on 1 November.
Businesses that have borrowed money through the government's loan scheme will also be given more time to repay the money.
This will undoubtedly be some relief for employers and employees. We wait to see if ay further support will be provided.
Rishi Sunak said the Jobs Support Scheme will replace the furlough scheme when it ends on 31 October.