New Government Incentives for Employers
Plan for Jobs – July 2020
Help improve young people's future careers by getting involved with the Governments latest job incentive scheme.
What's it about?
In the Summer Statement, Chancellor Rishi Sunak announced plans to protect, create and support jobs in England, Scotland and Wales.
The government has pledged to invest 2 billion pounds into this new scheme to prevent mass unemployment due to the knock on effects of the COVID-19 pandemic on the economy. They are particularly interested in protecting the future prospects of young people who are amongst those most affected by this economic turn.
What this means for your business
With the current furlough scheme due to end in October this year, a new Job retention bonus is an incentive to help companies keep their furloughed workers. For each furloughed employee who remains continuously employed through to Jan 31st 2021, you will receive a £1,000 bonus.
A £2,000 bonus for each new apprentice that you hire aged 24 and under. £1,500 for those aged 25 and over. This is in addition to the £1,000 already provided for new 16-18 year old apprentices and those under 25 with an Education, Health and Care Plan.
A £1,000 grant will be given for each traineeship placement for new trainees aged 16-24 in England, with the aim to triple traineeship numbers.
Fully subsidised 25 hour a week jobs, for long time unemployed people claiming Universal Credit and who are not suitable for an apprenticeships programme.
These scheme will start accepting applications from August 1st and runs until 31st Jan 2021, meaning that you could have a new apprentice or trainee under your wing as early as Autumn 2020.
Updated 8th July.
More details to be announced. Check this page for updates.
See the full document here.
Ever Considered Hiring a Trainee or Apprentices?
Do you have a long list of goals you want to achieve, while setting your team up for the future? Hiring an apprentice will set you on the right path.
An Apprentice can help your business in a number of ways. As well as adding resource for some of your functions, apprenticeships can set the tone for the learning and development in your organisation.
Apprentices increase productivity in a business by £214 a week on average (according to the CEBR).
That’s over £11,000 a year.