The Chancellor, Rishi Sunak, has announced a new ‘Plan for Jobs‘ as part of his Summer Economic Statement. The announcements include a number of measures to support employment and aid the UK’s economic recovery. The new measures include incentive payments for employers to recruit apprentices and to provide work experience placement for traineeships and an expansion of eligibility for traineeships to those with Level 3 qualifications and below. For six months from 1 August, employers will receive £2000 per apprentice aged 16-24 that they recruit, and £1500 for those aged 25 and over. Employers taking on new trainees will receive £1000. More funding has been granted to the National Careers Service to support more people with personalised advice on training and work and for the DWP to offer increased intensive support to jobseekers aged 18-24. Other new initiatives include a Kickstart Scheme to fund six-month work placements for those aged 16-24 who are on Universal Credit and are at risk of long-term unemployment and a Job Retention Bonus which gives businesses £1000 for each furloughed employee who is still employed on 31 January 2021. A summary of the policies announced by the Treasury is available here and the Chancellor’s full speech can be read here.
