Auto Amazon Links: No products found. Blocked by captcha.
The government has introduced new plans aimed at reducing youth unemployment by providing financial incentives to companies that hire young people. Under this initiative, firms will be awarded grants for employing individuals aged 18 to 24 who have been actively seeking work for six months or longer. Additionally, small and medium-sized enterprises will receive payments for taking on new apprentices, as part of a broader strategy to generate 200,000 jobs supported by £1 billion in funding.
For every eligible young person employed, businesses can earn £3,000, while smaller companies will get £2,000 for each apprentice they hire. This move comes amid ongoing concerns about the rising number of young people classified as NEETs — those not engaged in education, employment, or training — which reached close to one million in late 2023. The government also plans to expand an existing jobs guarantee program, which currently offers a six-month job for Universal Credit claimants aged 18 to 21 who have been job hunting for 18 months; this scheme will now include individuals up to age 24.
Work and Pensions Secretary Pat McFadden is preparing to unveil the Youth Jobs Grant, emphasizing the potential for these measures to provide “life-changing opportunities to young people” and to “significantly reverse the increase we inherited in those not in education, employment or training.” He stressed that the funding is targeted where it is most needed and is designed to give employers the “flexibility and support they’ve asked for.” Approximately 60,000 young jobseekers are expected to benefit from the proposed initiatives.
Prime Minister Sir Keir Starmer highlighted the wider economic goals behind the reforms, stating that they support efforts “to create an economy that works for everyone, closing the skills gap and supporting more young people into meaningful employment.” The plan has earned support from hospitality industry figures like Michelin star chef Tom Kerridge, who believes the incentives will provide a valuable boost. Meanwhile, opposition voices from the Conservative Party have criticized the government’s policies, pointing to legislative changes and increased employer national insurance contributions as factors hindering youth job prospects. Shadow Work and Pensions Secretary Helen Whately argued that “the best way to tackle youth unemployment is to back businesses to create jobs, not tax them out of existence to fund benefits and subsidies.
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.