Some Businesses in Mississauga Can Now Get Money for Hiring Young People
If you’re a small business owner or a young person aged 15-29 in Mississauga, you might be intrigued by this new program in Ontario.
The province recently announced that it’s set to give businesses financial incentives if they hire youth aged 15-29.
It’s called the Employing Youth Talent Incentive, and it says that business owners can get rewards of $1,000 or more for employing young people.
Here’s how it works, according to the province:
- Small businesses with less than 100 employees can get an initial $1,000 incentive upon hiring and an additional $1,000 retention incentive after six months for each youth hired through Employment Service
- Business owners of any size can get an initial $1,000 incentive after three months of hiring, followed by an additional $1,000 retention incentive after six months, for hiring youth who face barriers to employment through the Youth Job Connection program.
The province is investing a whopping $124 million in this initiative, which came into effect on January 1, 2018. So, more businesses can get funding, and more young people could get jobs.
According to the province, one-third of employees in Ontario are employed by small businesses. Moreover, from October 2015-March 2017, more than 22,000 young people have participated in Ontario’s Youth Job Connection program, so this new incentive could help a lot of residents - old and young, running businesses and seeking work.
"Ontario is filled with talented, skilled young people ready to start a career and contribute to their communities,” said Mitzie Hunter, Minister of Advanced Education and Skills Development.
“These incentives will help employers recognize the potential of young workers, providing Ontario's next generation with valuable learning and training opportunities as they enter the workforce they will help build for years to come."
In total, the province says it’s investing $500 million over three years in lowering the small business tax rate, “investing in youth employment, providing support for downtown main street businesses, and cutting red tape.