The UK Government to Fund Youth Employment

On Friday, November 25th the UK Government represented by Deputy Prime Minister Nick Clegg said that it will subsidise employers that hire young workers.

In an attempt to reduce the highest level of youth unemployment ever seen in the UK, the British government will allocate 1.54 billion pounds to cover 50% of the salary paid by employers to the young workers. Companies will be offered six-month subsidies of 2,275 pounds max for each young worker they employ.

The government expects this measure will held employ 400,000 young workers who have just graduated from British universities.

Let us remind that the level of youth unemployment increased by 12% from the last year; at the moment, almost 1,2 million young workers are unemployed.

According to Nick Clegg, "youth unemployment is an economic waste and a slow-burn social disaster. We can't afford to leave our young men and women on the scrap heap."

The governmental subsidies program will start in April 2012 and will last for 3 years.