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News - 17 May 2012

Have you heard about The Youth Contract?

The Youth Contract will provide nearly half-a-million new opportunities for young people, including apprenticeships and work experience placements. It also marks a substantial increase in the support and help available to young people through the Work Programme, Jobcentre Plus and sector-based Work Academies.

It was launched by Deputy Prime Minister Nick Clegg and Minister for Employment Chris Grayling, with the aim of supporting businesses to get young people earning or learning.

Lavinia Newman, Founder of ABDS says:

“It is focused on giving employers the support they need to take on unemployed young adults and is backed by the Confederation of British Industry, British Chamber of Commerce, British Retail Consortium and Federation of Small Businesses.”

Almost £1 billion will be spent over the next three years to provide unemployed young people with extra help as part of a new 'Youth Contract'.

It includes 160,000 wage incentives worth more than £2,275 for each 18-24 year old an employer recruits and 250,000 work experience placements.

There are also 20,000 incentive payments to support employers create apprenticeships and £126m to help teenagers into education, employment or training.

Mike Twomey, Marketing Manager of ABDS says:

“The problem is a real catch-22, young people can’t get a job because they lack experience, and can’t gain experience without having a job.”

How does it work?

Payments to encourage employers to recruit young people
There will be 160,000 job subsidies available worth up to £2,275 each for businesses who take on an 18-24 year-old from the Work Programme. This will more than cover an employer’s National Insurance contributions for a year.

Extra 250,000 work experience places
Every 18 to 24 year-old will be offered a work experience place before they enter the Work Programme. Figures show that the work experience scheme has been effective; half of under-25 year-olds have come off benefits within three months.

Apprentices
The government has announced 20,000 extra incentive payments worth £1,500 each. These aim to encourage employers to take on young people as apprentices, and would take the total number of payments available to 40,000 next year.

If you need any help and advice for your business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help, or for further information on the Youth Contract scheme, see
www.direct.gov.uk/en/Nl1/Newsroom/DG_200235

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net
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