Chancellor unveils ‘plan for jobs’ to help UK’s recovery
Chancellor of the Exchequer, Rishi Sunak, announced his ‘plan for jobs’ during his Summer Economic Update in Parliament. This is the second part of a three-phase plan to secure the UK’s economic recovery from coronavirus.
The plan involves a set of measures to support jobs throughout the country, give businesses the confidence to retain and hire new staff and provide people with the tools they need to get better jobs.
As part of the plan to support jobs, a Job Retention Bonus has been introduced to help firms keep workers who have been furloughed. UK employers will receive a one-off bonus of £1,000 for each furloughed employee still employed as of 31st January 2021.
A new £2 billion Kickstart Scheme will also be launched to create thousands of new jobs for young people across the country, aimed at getting 16-24 year olds who are on Universal Credit and at risk of long term unemployment into work.
Another scheme to help young people into work is the £1.6 billion investment in employment support schemes, training and apprenticeships. Incentives and funding will be provided to businesses who employ apprentices and young people in a bid to give young people the chance to enter into high quality jobs.
The Chancellor announced “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.”