COVID-19 INSIGHTS: ISSUE 2️⃣
🔊Spotlight on the Coronavirus Job Retention Scheme (CJRS) and Outcomes for Young People 🧑🎓
On 20 March 2020, the Coronavirus Job Retention Scheme (CJRS) was introduced to provide grants to employers to make sure they could keep and continue to pay staff, despite the impacts of the COVID-19 pandemic (UK Parliament, 2021).
The most recent figures (as of 31st May 2021) show that 2.4 million people were still on furlough (BBC, 2021). Even though this number is decreasing as the economy re-opens, millions of people and their employers will still be impacted by the CJRS ending on the 31st September 2021.
Furthermore, with the government paying a smaller percentage of employee salaries (as the scheme phases out) and the cost of keeping an employee rising for employers, redundancies have increased 🔺and it is expected they will continue to in the following months (there is an expected rise in unemployment). When the scheme officially ends, this will result in big income losses 💸 for the unemployed who cannot immediately find alternative employment (varies for individuals).
More to the point, we now know, young workers were and still are the most vulnerable in the economy as they are concentrated in sectors worst 🛍️ hit by the pandemic. As a result, those aged 24 and under had the highest proportion of furloughed jobs.
13% of eligible jobs held by people under the age of 18 were furloughed, whilst 10% of eligible jobs held by people aged 18-24 were furloughed
Undoubtedly, the end of the CJRS will have disproportionate and detrimental outcomes for young people and in light of this, our report has been produced with three objectives; firstly to spotlight those specific impacts; secondly to highlight the projected outcomes for young adults and thirdly to provide bitesize takeaways for young people to consider. Read on and enjoy...🤓
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