The drive to help young people get jobs in Haringey will be boosted by plans to abolish employers’ National Insurance Contributions (NICs) for under 21 year olds.
Local Lib Dem MP Lynne Featherstone has welcomed the announcement, which means businesses will no longer have to pay tax on their employees aged under 21 year old. For example, companies will save £1,000 each year for every young employee earning £16,000.
In Haringey, the plan to abolish NICs for young people from April 2015 means companies will not have to pay the contributions for 4,220 young people.
Lynne Featherstone MP commented:
“The Liberal Democrats are focused on getting young people into work and this is exactly the kind of initiative needed to give businesses a break and encourage them to start recruiting.
“Since 2010 we have already helped create more than 1.5m new apprenticeships. Meanwhile, Nick Clegg’s £1bn Youth Contract is supporting work experience, wage incentives and apprenticeships.
“Our economy is growing because of the hard work of people and businesses, they deserve this help. The coalition’s economic plan is the rock on which our recovery is being built – and it is happening because of the Liberal Democrats.”