- January 28, 2014
- Posted by: Mark Drakeford AM
- Category: News
Latest Jobs Growth Wales figures released today show that the Welsh Government’s EU-backed youth employment programme has helped 200 young people to set up their own business.
Monthly figures for Jobs Growth Wales, which is part funded by the European Social Fund, show that the programme has now created 10,594 job opportunities with 8,354 young people filling these jobs. A breakdown of the figures show the self-employment strand of the programme, the young entrepreneur bursary, has already helped to create 200 entrepreneurship start-ups since it began in April 2012. This is well ahead of the initial target for the strand which was to create 200 jobs by the end of March this year.
The figures released today also reveal the extent of the programme’s success in helping young people into employment once their six month opportunity comes to an end. In the programme’s private sector strand, 80% of young people progressed into sustained employment, an apprenticeship or further learning upon completing a six month opportunity. This compares to an initial target of 70%.
The Deputy Minister Jeff Cuthbert said:
“Jobs Growth Wales continues to exceed all expectations. Last month we smashed through the 10,000 milestone in the number of jobs created and approved and now we’re seeing just how successful the programme has become in attracting young entrepreneurs.
“As a Government, we want to instil a culture of entrepreneurship in Wales so I’m delighted that Jobs Growth Wales has helped 200 young people to start up their own business – well ahead of target and with the number of applications for the young entrepreneurs bursary continuing to rise.
“Of course, let’s not forget that 25% of these young people – a quarter of all those who have taken part – have progressed onto an apprenticeship with the added benefit of earning whilst learning. A success rate this high would be the envy of most governments across Europe – it’s a fantastic achievement.”