Businesses across the country are benefiting from the Youth Contract Wage Incentive. Companies who employ an eligible unemployed 18 to 24 year-old who has been unemployed for 26 weeks or more could get financial help that more than covers the cost of a year’s national insurance contributions.
If you help young people find employment, the Wage Incentive could help.
How it works…
If an employer takes on a young person for 16 hours or more each week, in a job lasting more than 26 weeks, they could claim:
- £2,275 for full-time work (30 hrs +)
- £1,137.50 for part-time work (16 – 29 hrs)
This is paid 26 weeks after the employee starts. Small businesses with fewer than 50 employees can claim a part payment after 8 weeks.
Want to know more? Employers should talk to Jobcentre Plus. We will advise on eligibility and what needs to be done.
To find out more visit: www.dwp.gov.uk/wageincentives