Reproduced from a summary done by John Leake of Sci-Tech Daresbury. Thanks John
Opportunity Retention Bonus:
To encourage employers to bring back and retain employees after furlough, UK employers will each receive a one-off bonus of £1,000 for each furloughed employee who remains employed as of 31 January 2021.
The Chancellor announced the new, fully subsidised ‘Kickstart Scheme’ to incentivise employers by directly paying the wages of any qualifying young person for a period of 6 months. To qualify, any new employee must be currently claiming Universal Credit, be between the ages of 16-24, and at risk of long term unemployment. The Chancellor caveated the scheme by confirming the jobs must be ‘newly created’ jobs. Employees must be paid at least National Minimum Wage for a minimum of 25 hours per week, and employers can top up this wage if required. The move would see businesses employing a qualifying 24 year old receiving a grant in the region of £6,500. A government contribution towards overheads will also be paid – further detail is awaited here.
Employers can apply to register for the Kick Start scheme from August, with the newly created jobs anticipated to start in the Autumn, with no cap on the number of places available.
Training & Apprenticeships:
The chancellor also confirmed his desire to boost employment support schemes by making £1.6 billion available with the following measures:
Employers will receive £2,000 for each new apprentice hired under the age of 25, in addition to the existing £1,000 payment received for the hire of 16-18 year old apprentices, and a £1,500 bonus for hiring apprentices over the age of 24 years.