FE News chats with Stephen Timms, Shadow Minister for Welfare Reform, at the Youth Employment Convention on the sidelines of a breakfast meeting with employers to discuss tackling unemployment issues.
Stephen discusses his proposals to tackle youth unemployment through the Future Jobs Fund. He points out how youth unemployment costs the UK between £1 billion to £3 billion per year. Outside of this cost, the effects of youth unemployment has a long term effect on young people.
The Future Jobs Fund would provide each young person who has been out of work for 12 months or longer with a 6 month work placement – with at least minimum wage for 25 hours per week. The balance of the working week would be supported by job searching during the placement period.
Stephen says the fund has been evaluated by DWP as costing £7,500 for each person taking part in the scheme, but that over half of that is anticipated to be recouped by the Treasury within a six month period through tax being paid by those entering employment.
Please click on the video below to hear Stephen Timms’ proposal to tackle long term youth unemployment:
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