With the UK elections quickly approaching we have kept a close eye on what is happening in the financial sector during this time.
From budget proposals to employment and internship, Carrick Wealth offers insight into these developments.
Four Week Limit to Unpaid Internships
“In this country, if you want a good job in a highly prized sector, you’re often asked to work for free, often for months on end, sometimes even a year. It’s a system that’s rigged in favour of those who can afford it.” (Ed Miliband)
Labour has pledged a 4 week limit to unpaid internships. They are to ban unpaid internships that last longer than four weeks. This forms part of a youth manifesto that is to be unveiled by Ed Miliband.
This proposal comes as David Cameron counters with a commitment to jobs, confirming that he is to extend the employment allowance to 2020. This means that a third of jobs is to continue with paying no national insurance for 5 more years. The Employment Allowance lets smaller businesses hire new staff. Miliband is to say that people who are offered an internship that is to last more than a month have to be paid minimum wage.
He will argue that some of the most wanted jobs are actually out of reach for the youth you cannot afford to work for free over an extended period of time.
This announcement will coincide with the new YouGov data that is to be released by Intern Aware. The polls will show that Labour’s 4 week limit will not lead to a reduction in internships. The poll states that this change makes no difference to 62% of businesses, and will not lower the number of interns hired. Only 10% of businesses have stated that this will make them less likely to hire interns.
“Putting careers in highly prized jobs – in the arts, media, fashion, finance and law – out of reach for huge numbers of highly able young people is not fair.” (Ed Miliband)