The Ministry of Finance and Economic Development, in partnership with the Joint Economic Council, has established a joint public-private initiative called the Skills Working Group (SWG), in order to implement the Youth Employment Programme.
Government wishes to facilitate the transition of youth from education to employment and to provide them with the core skills required by different sectors of the economy.
The main objectives of the Youth Employment Programme are:
The YEP will offer a subsidy on the stipend paid to the youth during his/her first year of placement/training.
Registered employers can either recruit directly, or use the SWG Database to select youth that satisfy their requirements. The Database will provide the opportunity for youth to specify their fields of interest.
The SWG will refund 50% of the youth's monthly stipend subject to a maximum of Rs 4000 per person for non-degree holders (including diploma holders). For individuals holding a degree from a tertiary education provider accredited by the Tertiary Education Commission, or such equivalent qualification overseas, the maximum monthly refund is Rs 7500 per person.
Should the youth's stipend exceed Rs 8000 for non-degree holders, and Rs 15000 for degree holders, the amount refunded will not exceed Rs 4000 and Rs 7500 respectively.
Employers are encouraged to provide training where this is desirable. The SWG will subsidize the cost of MQA approved training up to 50% (not exceeding Rs 7500 per person).
An independent consulting group will carry out the monitoring and evaluation of the programme and provide feedback to the SWG on a regular basis.