Youth unemployment is already a growing problem and the Government are concerned that 16-24 year olds may become a ‘lost generation’ to the current and future workforce. This demographic has record high unemployment figures across the board, a staggering 1.02 million. Therefore much debate has started about how to create more jobs in general, but a focus has been placed on the younger generation in recent government initiatives.
This year we will see the launch of the £1 billion ‘Youth Contract’ which will provide 410,000 work places over a 3 year period for 18-24 year olds, with wage subsidies worth £2,275 handed to employers to take on 160,000 young people through The Work Programme. The subsidy will certainly be useful in its encouragement to get any size employer to take employee(s) on through this scheme and provide vital experience. More details need to emerge about the scheme in general but it is a positive step forward. The scheme will be open to the voluntary sector and there are also payment incentives to provide apprenticeships.
The HR Dept is encouraging business owners to sign up via a new website to get more information about the scheme when more details emerge.
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