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The Payments Business Voice

The Payments Business (TPB) is a professional network that offers members an information repository, a forum for debate, and a directory to promote your business. Our approach is all-encompassing and widespread.  We cover the key aspects of the industry including: new industry initiatives, regulatory needs, innovative products, risk, and payment infrastructures; all within the Retail and Corporate Banking sector.

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Sunak to give firms £1,000 cash bonus to hire trainees

The government is pledging to provide 30,000 new traineeships to get young people in England into work, as fears about mounting unemployment increase.

Traineeships provide classroom-based lessons in maths, English and CV writing, as well as up to 90 hours of unpaid work experience.

Under the £111m scheme, firms in England will be given £1,000 for each new work experience place they offer.

Scotland, Wales and Northern Ireland will receive £21m for similar schemes.

The additional funding for traineeships is set to be announced by the Chancellor Rishi Sunak on Wednesday when he will unveil an economic plan to deal with the aftermath of the coronavirus crisis.

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What is a traineeship?

  • A traineeship is a course that includes a work placement
  • It can last from six weeks up to six months
  • Traineeships are aimed at 16 to 24-year-olds in England
  • Trainees may complete a maximum of 240 hours of work experience over six months
  • Providers should offer an interview for an apprenticeship or job, if available at the end of the scheme

Employers are not required to pay trainees for a work placement, unlike apprenticeships where the minimum wage rate is £4.15 per hour.

On an apprenticeship, a person is employed to do work while studying for a formal qualification, usually for one day a week, either at a college or training centre over a number of years.

If you have anything you’d like us to promote in our newsletter, please let me know.

John Doyle |  7801536104

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Newsletters that deal with payments that we recommend

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