Chancellor Rishi Sunak has set out a plan for jobs that will “spur the UK’s recovery” from the COVID-19 outbreak.
The plan for jobs, revealed by the government yesterday (July 8), is the second part of a three-phase plan to secure the UK’s economic recovery from the pandemic. This stage will include:
A Job Retention Bonus to help firms keep furloughed workers. UK employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of January 31 2021.
A new £2bn Kickstart Scheme will be launched to create hundreds of thousands of new, fully subsidised jobs for young people across the country.
Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding available for each six-month job placement will cover 100 percent of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.
A total of £1.6bn will be invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job. Young people, who are amongst the worst hit by the crisis, will benefit from this. This includes: