The UK just unveiled its plan to help young people find jobs — here's what it covers. (via CNBCMakeIt)
In Sunak's "mini-budget" on Wednesday, the finance minister outlined measures to help young people, whom he acknowledged had beenSunak highlighted that more than 700,000 people are due to leave education in the U.K. this year, with many more just starting out in their careers. He also pointed out that those aged under 25-years-old were two-and-a-half times more likely to work in a sector that had been closed during lockdown.
The U.K. national minimum wage ranged from £4.55 to £8.20 per hour in 2020, depending on your age bracket. Sunak said this means that for someone aged 24 on this program, the six-month grant would be around £6,500 and employers can top up this pay. He said that the government would pay businesses £2,000 for every new apprentice they hire under the age of 25, in addition to the £1,000 it already provides for 16-18 year-olds and those aged under 25 with special education needs.
Another £17 million is to be used to triple the number of places in sector-based work academies, where people are trained, offered work placements and guaranteed a job interview for roles in industries with high demand.
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