Funding news - 21/02/2012
£1 Billion Youth Contract to Launch Next April
The Government has announced further details of the proposed £1 billion Youth Contract which is designed to combat youth unemployment in the UK.
Deputy Prime Minister Nick Clegg has advised that the initiative is due to commence next April and will provide at least 410,000 new work places for 18 to 24 year-olds over a three-year period. This includes wage subsidies worth £2,275 provided to employers to recruit 160,000 18 to 24-year-olds.
Launching the initiative at a college in Leeds, Mr Clegg said:
"The aim of the Youth Contract is to get every unemployed young person earning or learning again before long term damage is done.
"This is a £1 billion package and what's different about it is gets young people into proper, lasting jobs in the private sector. But it's a contract, a two-way street: if you sign up for the job, they’ll be no signing on for the dole. You have to stick with it."
The new programme will help the most disengaged 16 and 17 year-olds by getting them back to school or college, onto an apprenticeship or into a job with training. Extra funding for apprenticeships and a £50 million programme to help persistently NEET 16 and 17-year-olds will also be rolled-out.
The Youth Contract is open to all businesses; including those that already employ large numbers of young people such as retail and construction and emerging sectors like the green economy, creative industries and ICT.
The Chancellor is expected to announce the details of all spending changes, including the Youth Contract, in the Autumn Statement on 29 November 2012.
Source: Department for Business, Innovation & Skills, 21/02/12




