businesses subsidies to employ young people

The Deputy Prime Minister Nick Clegg has revealed the Government is to address the high levels of unemployment among young people with the launch of the Youth Contract.

The scheme will begin in April 2012 and will be Government-supported to the tune of £1 billion.

Under the Youth Contract firms will be able to claim a wage subsidy worth £2,275 for each new employee between the ages of 18 and 24 they take on. Government funding will be made available for up to 160,000 new jobs.

Youth Contract to provide subsidies for 160,000 new jobs

In addition to subsidising 160,000 new jobs, the Youth Contract will provide a further 250,000 work experience placements. Over a three-year period, the Youth Contract scheme aims to create 410,000 new work places for 18 to 24 year olds.

Youth Contract scheme highlights include:

·         The Youth Contract is open to all businesses interested in employing 18 to 24 year olds.

·         250,000 young people to be offered work experience placements of up to eight weeks. These will be available to every unemployed 18 to 24-year-old who wants one, providing they have been looking for work for at least three months.

·         A £50 million programme for the 25,000 most disadvantaged 16 and 17-year-old NEETS (those not in employment, education or training) to get them onto an apprenticeship or into work.

·         At least 20,000 additional incentive payments for firms in England to provide apprenticeships to 16-24-year-olds.

·         Extra help for young people at Job Centres, including time with advisers and a careers interview.

Speaking on the launch of the Youth Contract, Nick 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, there’ll be no signing on for the dole. You have to stick with it.”

Small business breakfast

A breakfast panel event, hosted by Intuit, covering 'start-up success in an economic crisis', is taking place on Tuesday 25th October.

Despite the efforts of successive Governments, and the steady increase in the number of start-ups, one third of new businesses don't survive past their third year.

Panel topics and speakers

This panel session, being held at the Hub Centre Pavilion in London, will discuss the unique challenges for small businesses with insights from successful entrepreneurs and business experts, covering topics including:

·         What role should the Government have in supporting small business? Is the current Government doing enough?

·         Market pressures - How can small businesses best overcome the competing pressures of restricted access to funds, falling demand and rising inflation?

·         Confidence - How to small businesses feel about the current economic climate, and how do they feel about their future prospects?

Members of the panel will share their experiences with the audience. Speakers include:

·         Raam Thakrar, founder and CEO of Touchnote

·         Robert Welch, managing director of smallcarBIGCITY

·         Marcus Waley-Cohen, founder of FireFly

·         Chris Dodson, managing director of Concept Cupboard

·         Charles Davis, managing economist at CEBR (the Centre for Economics and Business Research)

·         Sally Revell, head of marketing for Intuit UK who will share unreleased findings from recent research

The event will be moderated by BBC journalist Michael Millar.