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Chancellor Rishi Sunak's ‘Plan for Jobs’

Rishi Sunak

You may well have heard, the Chancellor Rishi Sunak set out a ‘Plan for Jobs’ that will help businesses bounce back from the Coronavirus outbreak. Below is a quick summary of the key points

Sunak’s ‘Plan for Jobs’ focuses on supporting, protecting and creating jobs across the UK, as the country enters the next phase of recovery following the coronavirus outbreak. The plan has four key strands as outlined below. 

Kickstart - 100% wage guarantee

A £2 billion package of support designed to create hundreds of thousands of new, fully subsidised jobs for young people across the country. Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.

The programme is aimed at young people with limited skills who are at the start of their journey. The aim is for the young person to work with the Jobcentre Work Coaches over the first 13 weeks to make them work-ready and then place the person on to a work placement for a further 13 weeks with the aim of the employer offering full-time employment and an apprenticeship at the end. 

A young person on Kickstart can’t start an apprenticeship while on the scheme.

Apprenticeship Grant

Businesses will be given £2,000 for each new apprentice they hire under the age of 25. A grant of £1500 will be paid for each apprentice aged 25 and above. This grant is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and those aged under 25 who have been in the social care system. In short, employers can gain up to £3K per apprentice. 

Employers looking to share an apprentice could split the grant between each other. 

Traineeship Grant

Employers will also receive a £1,000 bonus payment from the Government for every trainee they offer a work experience placement to through the government-funded Traineeship programmes. Traineeships are designed for young people aged 16-24 who have the motivation but lack the skills required to get a job. They are delivered through a mix of pre-employment skills training and a work placement of up to 100 hours.  

Job Retention Bonus

UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021. Employees must be paid at least £525 per month to qualify.

Sunak said: "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."

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