As the dust settles after the results of last week’s General Election, The Conservative Party will be focusing on implementing their policies over the coming weeks.
Employment will be on the forefront of many voters’ minds and they will be keen to know what the party have planned for the next 5 years.
With that in mind, here is a glimpse of what the party have planned with regards to employment and the economy:
The Conservatives plan to achieve full employment status for those who are wanting to work by creating 2 million extra jobs. To achieve this, the government plan to work alongside UK based businessesso they are able to expand, due to previous ‘red tape’ policies being scrapped.
The aim is to be able to create 3 million more apprenticeships in the UK in the next 5 years. The Tories also plan to scrap tax for those who are aged under 21, so it’s easier for businesses to give young people a start in working life.
The minimum wage will rise this Autumn under the Conservative Government to £6.70 a hour, they also plan to have the minimum wage set at £8 per hour by the end of this decade. The government also plan to pass a law, where companies with more than 250 employees would need to publish their gender pay gap, to make it a fairer system for both genders.
The Conservatives plan to increase the threshold of when you would pay tax. You can earn up to £12,500 per year before income tax comes into play, they also plan to pass a new law where those who work less than 30 hours per week and earn the minimum wage would no longer need to contribute to tax either.
Pensions will rise under the Conservative Government, as they plan to raise the amount which you will receive during retirement by 2.5%. They also plan to protect pensioner benefits, such as the winter fuel allowance, the TV license payment and free bus passes.
The benefit system is set to change, the Tories plan to change the way in which those who are aged under 21 receive welfare. Jobseekers Allowance will be replaced by a Youth Allowance system, where those who have not achieved employment by 6 months, will need to take up an apprenticeship or complete community work to continue to receive benefits.
The Conservatives plan to introduce up to 500 free schools by the year 2020, which will be funded and ran by parents, teachers or those who are outside local councils. They also plan to target recent graduates, to take up a career in teaching to raise the level of education standards across the board.
If you’re a working parent, The Conservatives plan to double the amount of free childcare which you are entitled to, from 15 hours to 30 hours per week. This will come into effect from 2017, giving working parents the equivalent of £5,000 worth of free childcare a year.