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Small firms offered financial incentive to hire apprentices

Small businesses struggling to balance the books in tough economic times are being offered up to £1,500 to take on their first young apprentices, as part of a government drive to halt plummeting youth unemployment.

Prime Minister David Cameron this week announced a round of government funding to support organisations that take on apprentices, as part of National Apprenticeship Week, including an incentive for small firms to take on 16 to 24-year-old apprentices.

The move, which the government hopes will tackle spiralling youth unemployment, will give businesses a share of the £6 million Higher Apprenticeship Fund recently announced. They could also be entitled to monetary rewards from the £250 million pot made available under the Employer Ownership pilot, in which employers will be funded to design, develop and purchase vocational training programmes, Personnel Today has revealed.

Unemployment among those aged between 16 and 24 last month rose to a staggering 1.04 million last month, as 22.3% of those aged under 24 struggle to uphold or even find a job in the UK.

But according to data released by the Department for Business, Innovation and Skills (BIS) last month, there was a 64% increase in the number of people starting apprenticeships in 2010/11 compared with the previous year, and the new schemes announced by the Prime Minister should help improve that number even further.

"By making apprenticeships a gold-standard option for ambitious young people, we are sending a message that technical excellence is as highly valued as academic prowess,” said Mr Cameron. “And by focusing investment where it is most needed to deliver sustainable growth and offering real ownership of vocational training to employers, we are equipping businesses with the skills they need to rebalance our economy and distribute opportunity more widely."

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