Younger age groups are amongst the worst affected by the coronavirus pandemic’s economic impact with many people likely to have been working in hospitality, retail, tourism and leisure – industries hit hard by lockdowns. Almost two thirds of the 730,000 people who lost their payroll jobs in the last year were under the age of 24, according to HM Revenue and Customs. So, what was in the budget that might help younger people caught up in COVID-19 ‘s economic fallout? Furlough has been extended to 30 September 2021 Those currently employed by businesses but on furlough should continue to receive 80% of their wages. However, employers will need to start contributing 10% of wages from July, with further small increases in August and September. Advertisement Although the UK’s unemployment rate has risen to 5.1% for the first time since 2015, the Coronavirus Job Retention Scheme, as it’s formally known, has been credited with preventing far greater unemployment. The scheme, which is open to all age groups, has been vital for young people. As the chart below shows, 18 to 24-year-olds, especially women, are more likely to be furloughed than others. Six-month extension of £20 increase to Universal Credit People who… Read full this story
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