Estate Agency firm Knight Frank has become the latest property firm to take the decision to furlough its staff.
While the firm did not reveal the number of staff placed on government furlough it did reveal it would pay the additional 20% to keep all staff on full pay.
It also said it has decided not to apply an annual pay review this year and would implement salary adjustments for those who earn above a minimum threshold.
Announcing the decisions Alistair Elliott, senior partner and group chairman, Knight Frank, said: “As this pandemic continues to evolve, our paramount objective is to protect our people, protect their jobs, provide the best level of client service and be agile for the recovery when it inevitably occurs.
“To help us achieve this, during a time when residential and commercial markets have slowed, we are participating in the Government’s Coronavirus Job Retention scheme, resulting in a number of our UK staff being placed on furlough. The partnership will be topping up the government funding so that those on furlough remain on full salary.”
He added: “We have also decided not to apply an annual pay review this year and are implementing salary adjustments for those who earn above a minimum threshold, which we will review as soon as markets permit. We have also reduced the monthly drawings of all our proprietary partners.
“These are uncertain times but Knight Frank is a strong firm with great people and great clients. Our teams are adaptable and remain committed to ensuring the ongoing success of the partnership.”