The Department for Enterprise has announced the launch of the Graduate Role Incentive offering local businesses 20% of the first year salary up to £6,000 and an employer National Insurance rebate for each returning or incoming graduate hired into supported roles, in order to encourage the provision of graduate-level opportunities available for those returning to the Isle of Man.
The Graduate Role Incentive has been formed under the Department for Enterprise’s Financial Assistance Scheme with funding provided by the Economic Recovery Group and applications will open for Isle of Man businesses today, 11th May 2021.
The Incentive is available for new, full-time roles which require an RQF Level 6 qualification or higher, at a minimum starting gross salary of £21,000 per year. All applications must carry a development plan for the graduate to ensure they have sufficient opportunities for professional growth.
Businesses who are interested in hiring for graduate roles supported by the Incentive must have permanent establishment in the Island and submit their application in advance of appointment.
Successful applicant businesses will be able to claim 20% of the first year salary, up to a maximum amount of £6,000, and an employer National Insurance rebate after the successful graduate has completed a full year of employment within the organisation.
Laurence Skelly MHK, Minister for Enterprise commented:
‘The Graduate Role Incentive has been designed to improve the opportunities available for graduates seeking a career in the Isle of Man. We recognise that there are often additional resource requirements for employees at the beginning of their career, and this Incentive has been developed to help businesses take on, and support the development of, graduates for the ultimate benefit of both the organisation and the individual.
‘Providing career opportunities in the Isle of Man for qualified graduates who have chosen to conduct their studies off-Island is important to ensure the Island has the skills required to meet business requirements both now and in the future.’
The Graduate Role Incentive forms part of the Department for Enterprise’s Graduate Ecosystem, which includes supportive measures for graduates looking to take up employment in the Isle of Man, including the reintroduction of the Manx Internship Programme.
The Manx Internship Programme will open for applications in May 2021 and provides work-based placements for young people to gain experience and to support businesses with additional resources during a challenging time.
For more information on the Manx Internship Programme, and to express interest as a business or individual, visit: https://www.businessisleofman.com/initiatives/internships/
To find out more about the Graduate Role Incentive, visit: https://www.iomdfenterprise.im/financial-support/funding/graduate-role-incentive