Britain announces youth employment initiative - Aim: To alleviate unemployment. Funding: 1 billion pounds
Britain will invest an extra 1 billion pounds ($1.3 billion) to create jobs for young people, the government said. It is part of an effort to reduce the number of nearly 1 million young people aged 16 to 24 who are not in education, employment or training.
Youth unemployment in Britain has reached its highest level in 10 years, according to figures released last month, surpassing other European countries and raising tough questions for the ruling Labour Party over its decision to raise the minimum wage.
Work and Pensions Secretary Pat McFadden announced that £1 billion will be invested in grants for companies willing to hire young people and in more subsidised jobs - measures he says will help create 200,000 jobs. “These measures will give young people life-changing opportunities and significantly reverse the growth we have inherited in those not in education, employment or training,” McFadden said in a statement.
Businesses will receive a £3,000 subsidy if they employ someone aged 18-24 who has been on unemployment benefits in the last six months. Small and medium-sized businesses will receive £2,000 for each apprentice aged 16-24. The scheme offers 25 hours a week of subsidised work for people who have been unable to find work for 18 months and will be extended to include those up to 24 years old.
Some companies say they are struggling to afford to hire young people, citing the increase in the minimum wage along with an increase in employers' social security contributions and other costs.
Some employers complain that new legislation giving more rights to workers will make hiring more expensive.
The government has also pledged to waive minimum wage rates for workers aged 18 to 20.
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