THE Chancellor has unveiled his plan to "protect jobs" once the furlough scheme comes to an end next month.

This afternoon, Rishi Sunak revealed the details of a new "Jobs Support Scheme" in place of the Government's Jobs Retention Scheme. 

READ MORE: Rishi Sunak set to reveal plan as furlough scheme ends

But what does it mean for those on furlough? and how and when will the new scheme work? 

We've looked at the Chancellor's announcement and have broken down what it means for you.

When does furlough end?

The Government's Jobs Retention Scheme will officially come to an end on October 31 after more than eight months.

This afternoon, the Chancellor announced that the scheme could not go on forever as he said it would be the 'hardest decision' to bring to an end next month.

What is the new scheme?

The new Jobs Support Scheme, which will come into force in November, will cover two-thirds of the pay employees have lost by reduced working hours. 

Those working at least a third of their normal hours will be paid for that work as normal, according to the Chancellor.

It is hoped that this will allow employers to keep viable jobs by reducing their working hours.

Who is eligible?

The full details of the new scheme will be published in coming weeks but it is designed to provide support to firms 'who need it the most.'

All small and medium-sized businesses are eligible but larger businesses will only be able to apply if their turnover has fallen due to the crisus.

It is also open to employers across the UK, even if they have not previously used the furlough scheme. 

When will it end?

The Chancellor made it clear that these measures cannot last forever and as such set out the date in which the new scheme will end.

He said it will run for six months after starting in November, with employers retaining furloughed staff on reduced hours able to claim both the Jobs Support Scheme and the Jobs Retention bonus. 

What about the self-employed?

The Chancellor told the Commons that the self-employed grant available will be extended but announced no further changes to exsiting terms. 

He said: “I am extending the existing self-employed grant on similar terms and conditions as the new Jobs Support Scheme.”