In order to boost employment and aid the UK’s recovery from coronavirus the Chancellor of the Exchequer, Rishi Sunak, announced his “Plan for Jobs”, outlining financial assistance being offered by the government.
Part of this plan includes a “brand new bonus” for employers who hire apprentices over the next six months. From August to January, any firm that hires a new young apprentice aged 16 to 24 will receive £2,000, while those that hire new apprentices aged 25 and over will be paid £1,500.
Sunak told the House of Commons:
We know apprenticeships work. Ninety one per cent stay in work or go on to further training. For the next six months we are going to pay employers to create new apprenticeships.
We will pay businesses to hire young apprentices with a new payment of £2,000 per apprentice. And we will introduce a brand new bonus for businesses to hire apprentices aged 25 and over with a payment of £1,500.
These payments will be in addition to the existing £1,000 incentive the government already provides for new 16 to 18 year-old apprentices.
Nick Durrington Managing Director of the Cogent Skills Apprenticeships & Graduates said:
This is a great opportunity for employers across the science industries to provide valuable insight into job roles in life science and industrial science sectors. Attracting early talent to this growing sector is critical if we are to remain at the forefront of world science and these two Government backed schemes provide employers with an extra incentive.
The chancellor also announced a new £2bn jobs programme for young people. Branded ‘Kickstart’, the programme will offer six month paid work placements for young people at risk of long-term unemployment, paid at the National Minimum Wage. These must be good quality jobs with training built in.