Chancellor Job Funding Update
Announcing a package of measures, Chancellor Rishi Sunak has released the summer economic update including job funding support.
‘Our plan has a clear goal: to protect, support and create jobs. It will give businesses the confidence to retain and hire. To create jobs in every part of our country. To give young people a better start. To give people everywhere the opportunity of a fresh start.’- Chancellor Rishi Sunak
The coronavirus job retention scheme is gradually being wound down until October and the Chancellor has released an incentive for employers to bring back their employees on furlough, by allowing employers to receive a £1,000 bonus for each furloughed employee who is still employed as of 31st January 2021.
A further update included the kickstart scheme, as the younger generation have been extremely affected by the disruption and the many students who have left education, the kitckstart scheme encourages employers to introduce jobs for any 16-24 year olds at risk of unemployment.
What does this mean?
- Employers will receive a grant of around £6,500 for each employee taken on, as the government will pay for their wages for 6 months
What are the conditions?
- These need to be new jobs
- Paid national minimum wage at least
- Working at least 25 hours a week
When can you apply?
- The scheme will be available for employers to apply from next month, by the Government providing an initial £2bn, with no cap on the number of places available.
The support and guidance that the Government is providing is important for the future and success of younger generations and the nation who are experiencing the difficulties during this strange time, if you would like any further information on the Chancellor’s update and funding available, please take a look at the Gov.uk website.