At a key time for the economy, we have summarised the key points from Rishi Sunak’s mini-budget on skills and employment for the Heart of the South West.
The furlough scheme will end in October (date)
A New Job Retention bonus
Companies will receive a £1000 bonus for each furloughed employee who is still employed as of 31 January 2021.
Will pay employers to create new jobs for 16-24 year olds claiming Universal Credit and at risk of long term unemployment. Funding will cover 100% of the National Minimum Wage for six months, plus an amount to cover overheads, as long as these jobs are new and offer 25 hours per week of work. Employers will be able to top this wage up.
The government is tripling the scale of traineeships
The government is providing £32million to expand the national careers service so that more people can receive bespoke advice on training and work. They aim to reach a quarter of a million people.
Sector-based work academies
£17million of new funding will expand sector based work academies to provide vocational training and guaranteed interviews of more people. They aim to triple the number of sector-based work academy placements in 2020-21.
- the government will provide £2,000 to employers for each new apprentice they hire aged under 25, between August 2020 and January 2021. This 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 with an Education, Health and Care Plan.
- And will create a new payment of £1,500 for each new apprentice they hire aged 25 and over, between August 2020 and January 2021.
The number of work coaches in Jobcentre plus will be doubled to 27,000 by March 2021.
Green Homes Grant
The government will support thousands of new and existing jobs by providing grants to households.
Homeowners and landlords in England will be able to apply for vouchers from a £2 billion Green Homes Grant scheme this year to pay for green improvements such as loft, wall and floor insulation that could save some households money on their energy bills.
The £3billion green investment package could help support around 140,000 green jobs.
VAT rate cut
The Government will cut the rate of VAT applied on tourism and hospitality-related activities from 20% to 5% for six months
Eat out to help out
Each Monday to Wednesday in August, customers can enjoy up to £10 off sit down meals meals and non-alcoholic drinks per person in eligible cafes, pubs and restaurants. Businesses will need to register and the website will open on Monday 13 July 2020.Full Plan for Jobs Guidance