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"The new scheme will support young people to gain the skills and experience they need from the very start, helping them to get a job, an apprenticeship, or pursue further study," a joint statement issued on Wednesday by the Department for Education and the Treasury said.
The funding is expected to be available until July 31 this year, Xinhua news agency reported.
Businesses providing new traineeship opportunities will receive the 1,000 pounds bonus for every trainee they take on with up to a maximum of 10 trainees, said the document.
The announcement came as the UK's unemployment rate estimate for people aged 16 years and over surged to 5 per cent for the period between September to November 2020, the Office for National Statistics (ONS) said on Tuesday.
An estimated 1.72 million people were unemployed in the three months, 418,000 more than a year earlier and 202,000 more than the previous quarter, as the country's labour market continued to be hit significantly by the Covid-19 pandemic.
"The annual increase was the largest since October to December 2009, with unemployment reaching its highest level since July to September 2015," said the ONS.
England is currently under the third national lockdown since the outbreak of the pandemic in the country.
Similar restriction measures are also in place in Scotland, Wales and Northern Ireland.
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