In Chancellor Rishi Sunak’s summer statement, he outlined the government’s new campaign, a ‘plan for jobs’. The announcement on July 8, dubbed a ‘mini budget’, included a range of new schemes which aim to support employers and individuals recover from the Coronavirus pandemic and get the economy back up and running. His statement included a range of incentives to support people into employment, as well as supporting employers with narrowing skills gaps within their organisation by employing apprentices and trainees.
Here’s everything that was announced in the summer statement that will impact skills and training:
Cash grants for employers who hire an apprentice
Any employer looking to hire an apprentice in the next six months will be eligible for a cash ‘bonus’. Sunak announced that from August 2020 to January 2021, any employer who hires an apprentice will receive £2,000 for apprentices aged 16-24, and £1,500 for apprentices over the age of 25. This grant is in addition to the existing £1,000 available for those hiring an apprentice aged 16-18.
The government’s Coronavirus Job Retention Scheme is set to end in October. Sunak made it clear that there would be no extension on this – however he is encouraging businesses to stick by their employees with a £1,000 bonus per employee that is brought back from furlough and is still employed in January 2021.