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The UK government has announced a 'Job Retention Bonus' to help people get back into work following lockdown.
The new bonus will give £1,000 per employee to businesses who take back on furloughed staff on £520 per month on a continuous basis until January 2021.
Explaining the new policy, the Chancellor of the Exchequer Rishi Sunak confirmed that the furlough scheme would be wound down by October.
Mr Sunak said: "Our message to business is clear: If you stand by your workers, we will stand by you."
Adding: "No one will be left without hope. Where problems emerge, we will confront them. Where support is justified, we will provide it. Where challenges arise, we will overcome them."
We want to reward employers who successfully bring staff back from furlough.- Rishi Sunak (@RishiSunak) July 8, 2020
If you bring back someone who was furloughed - and continuously employ them through to January we'll pay you a Job Retention Bonus of £1,000 per person. #PlanForJobs pic.twitter.com/j4UnLpz1xs
During his speech, the Chancellor also announced a new 'kick start' scheme to help get young people into work.
The policy centres on those aged between 16 and 24 who are at 'risk of long term unemployment'.
For businesses to qualify for the scheme, they must take on those affected for 25 hours a week and the government will cover the costs for six months, equivalent to £6,500.
Businesses will be able to apply for the scheme from next month (August).
The government is also pledging a further £1.6 billion into "scaling up employment support schemes, training and apprenticeships to help people looking for a job".
While businesses will be given £2,000 for each new apprentice they hire under the age of 25, in addition to the £1,000 retention bonus.
Away from work, the Chancellor today also announced the temporary removal of Stamp Duty - from now until 31 March 2021 - on properties up to the value of £500,000.
At the moment, Stamp Duty is paid on properties valued at more than £125,000, with first time buyers paying no duty on properties with a value below £300,000.
Further clarifying today's announcements, Mr Sunak said: "Throughout this crisis I have never been the prisoner of ideology. For me, this has never just been a question of economics, but of values.
"We believe in the nobility of work. We believe in the inspiring power of opportunity. We believe in the British people's fortitude and endurance.
"Our plan has a clear goal: to protect, support and create jobs. It will give businesses the confidence to retain and hire. To create jobs in every part of our country. To give young people a better start. To give people everywhere the opportunity of a fresh start."
Topics: UK News
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