Employment minister Mark Hoban has said that businesses should make the most of money available for youth recruitment, reports dwp.gov.uk.
The government has proposed a youth contract worth £1 billion to help boost jobs in London and the rest of the UK; specifically for 18 – 24-year-olds. Mr Hoban, the MP for Fareham, said that “money is on the table” for businesses who participate in the scheme.
He told hrmagazine.co.uk: “We’ve got up to £2,275 of cash sitting on the table waiting for you to take it up. So take on a young person, who’s been out of work for six months and the cash is yours.”
The MP continued: “There really is no better time to change a young person’s life and invest in the future of your business at the same time, so snap up the money before someone else beats you to it.”
Youth employment continued to be a massive problem last year. Research cited by telegraph.co.uk and released by the Association of Chief Executives of Voluntary Organisations (ACEVO) found that unemployed youngsters would cost the Exchequer £2.9 billion a year from 2013. They also add £6.3 billion to Britain’s financial deficit each year.
It was also reported that in 2012, youth unemployment cost the government a total of £4.8 billion in lost tax revenues and unemployment benefits.