Millennials looking for employment in the still-sluggish job market will want to listen to Democratic presidential candidate Hillary Clinton’s upcoming speech in South Carolina on today, where she will reportedly announce a plan to provide tax benefits to businesses who hire youth workers for apprenticeships.
Clinton will speak in North Charleston at Trident Technical College on Wednesday to discuss her job incentive plan that would boost tax credits to businesses that hire apprentices, or workers that receive paid, on-the-job training in a skill, according to CNN.
The tax credit would be valued at $1,500 for each apprentice hired by the company, Clinton aides said. In order to avoid fraud, companies would have to register all apprentices into a state or local government system which will keep track of the legitimacy of the occupation.
The former Secretary of State’s plan is branched off from an already existing law created by Republican Sen. Tim Scott of South Carolina and Democratic Sen. Cory Booker of New Jersey. The Senators introduced the L.E.A.P. Act, a bipartisan effort that closely resembles Clinton's plan, last year. Scott and Booker released a statement together when their legislation was first unveiled.
“Many employers explain the reason for their unfilled jobs is a lack of available trained workers," the statement read. "Apprenticeships are a proven way to help people develop in-demand skills and to meet the needs of employers, yet they compose just 0.2 percent of the nation’s workforce."
The unemployment rate for millennials -- those aged 18 to 34 –--remains stubbornly higher than the national unemployment rate. Currently, the unemployment rate for young adults is 7.8 percent, three percentage points higher than the national average, according to the Wall Street Journal.
The incentives of the new apprenticeship program may buck the ongoing trend of corporations refusing to hire apprentices for short-term employment. Many companies believe that it is not worth investing money if the apprentices will leave for another job after their learning experience is over, the Wall Street Journal reports.
The Clinton campaign admitted that the former U.S. Secretary of State’s latest campaign stop would not be just to announce additional policy changes and recommendations. The campaign plans on wooing the all-important 18 to 34 age group for potential votes, as the group will be the largest living generation during the 2016 presidential election.