Faced with the growing onslaught of depressive news regarding rising unemployment, I thought I would share some good news with everyone, which is the Commonwealth Jobs fund.
The Commonwealth Jobs Fund is a recent initiative launched by the Glasgow City Council that aims to help tackle youth unemployment through the creation of graduate jobs and support the local economy. The scheme involves an investment of £10 million to provide 50% wage subsidy to employers for every new job created and it's open to every private and third sector employer in the city. The capital will stem from the Commonwealth games and subsidies may extend to £10,000 per graduate in the same year.
This is an excellent initiative on two fronts. First of all, it illustrates that the government has realized the extreme economic challenges that youths are currently facing. Secondly, it's an initiative that has developed this realisation into action. Or in the words of Councillor Matheson 'Governments should know when to intervene. This is one of those times.' This initiative can especially be targeted towards the growing issue of unpaid internships that continues to plague the current economy. The subsidies will help lessen the financial burden on employees and foster a more positive mentality towards hiring and towards remuneration in general.
However, there are certain regulations that are tied to the scheme which could limit its effect. To qualify for the scheme, students must have attended a Glasgow City Council school for most or all of their secondary education, or have a permanent address inside the city boundary. In addition they must have graduated with a degree level qualification and be seeking full time work relevant to that degree. Priority will also be given to Glasgow Living Wage employers and employers in the private and third sectors who employ fewer than 250 people.
Nevertheless, this remains a great example of the kinds of steps that government officials can take to help counter the unemployment issue.
