The Graduate Role Incentive offers local businesses 20% of the first year salary up to £6,000 and an employer National Insurance rebate for each graduate hired through supported roles, to encourage the provision of graduate-level opportunities available for those returning to the Isle of Man.
Eligible employees must be individuals who have graduated in the UK or further afield within the past two years, and are either returning to the Island or an incoming new resident.
The Graduate Role Incentive has been formed under the Financial Assistance Scheme and has been implemented to encourage expansion of the Island’s graduate workforce, helping to grow the working population in the Isle of Man.
The Graduate Role Incentive will support new jobs which will incentivise businesses in all sectors to bring new or returning graduates to the Island as employees.
The Graduate Role Incentive is available for Isle of Man businesses, operating in any sector, who meet the following criteria:
The Graduate Role Incentive will support new roles which will incentivise businesses to bring new or returning graduates to the Island as employees.
Supported roles must meet the following criteria:
Assistance is by way of a grant, paid retrospectively, of 20% of the salary paid to the relevant employee for their first year of employment on the Island up to a maximum of £6,000 per graduate. For the purposes of this calculation, the amount of the salary will exclude bonuses, discretionary payments and the cost to the business of Income Tax, National Insurance and superannuation costs.
In addition, an Employer NI refund is available subject to the same requirements up to a maximum of £3,055 per employee. The total payment shall be paid in a single lump sum in arrears.
Before applying, eligible businesses must approach the Department for Enterprise to establish whether an application can be made for the relevant role.
Once this is established, applicants will be asked to submit the following information:
Further information on the Graduate Role Incentive can be found in the Scheme Guidelines under Appendix 6B - Incoming Graduate Role Incentive.