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Treasury announces new package of measures to support job retention and creation

Makbool Javaid, Partner - Simons Muirhead & Burton

HM Treasury has published ‘Policy paper: A Plan for Jobs 2020’ which contains a package of measures for the second phase of the Government’s response to support jobs during the Covid 19 pandemic by giving businesses the confidence to retain and hire staff. Key measures include:

  • Job Retention Bonus: a one-off payment of £1,000 to UK employers for every furloughed employee who remains continuously employed through to the end of January 2021.
  • Kickstart Scheme: a £2 billion fund to create hundreds of thousands of high-quality 6-month work placements aimed at those aged 16-24 who are on Universal Credit and are at risk of long-term unemployment.
  • High quality traineeships for young people: providing an additional £111 million this year for traineeships in England, to fund high quality work placements and training for 16-24-year olds.
  • Payments for employers who hire new apprentices: a new payment of £2,000 to employers in England for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice they hire aged 25 and over, from 1st August 2020 to 31st January 2021.

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