Yahoo News Coronavirus: Government to invest £111m in traineeships for young people as part of post-Covid recovery
The government is to invest more than £110m in traineeships for young people as part of plans to kickstart the economy following the coronavirus crisis.
Businesses offering new traineeships in England will receive a £1,000 bonus per trainee under the £111 million scheme, while eligibility for the schemes is to be expanded to ensure more young people can access high quality training.
Chancellor Rishi Sunak is set to expected to announce the new measures for 18-24 year olds on Wednesday as he unveils an economic strategy to deal with the aftermath of the Covid-19 pandemic – which has hit young people in work particularly hard.
Evidence shows that employees under 25 are about two and a half times more likely to work in a sector that has shut down due to the crisis, the Treasury said.
The multi-million investment will aim to triple the number of trainees in England – close to 15,000 people took on traineeships in 2018-19 – and also increase the funding providers receive for training.
As part of a traineeship initiative, which lasts from six weeks to six months, young people receive maths, English and CV writing training as well as guidance about what to expect in the workplace, the Treasury said.
A Treasury spokesperson said: “The government are making available three times more funding to providers this year to pay for tripling the number of trainees, and also increasing the funding providers receive for training.
“Businesses will also get a £1,000 bonus payment from the government for every trainee they offer a work experience placement to.
“Employers who are new to providing trainees with work experience, or growing their existing offer, will also be eligible for the payment.
“Evidence shows three-quarters of 18 to 24-year-olds who complete traineeships move on to employment or further study within 12 months.”
The expanded scheme will be in place in England from September 2020.
The government said it will also provide £22 million to the devolved administrations in Scotland, Wales and Northern Ireland for similar initiatives.
Funding is being provided for more than 30,000 extra places at sector-based work academies, the Treasury added.
The government has also announced a £1.57bn support package to “protect” the future of Britain’s museums, galleries and theatres.
Independent cinemas, heritage sites and music venues are also eligible for the emergency grants and loans.
Additional reporting by PA
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