Low paid workers set to receive savings bonus of £1,200
Low paid workers are set to be rewarded with a bonus of up to £1,200 when they save £50 a month in a new help to save scheme announced by the Government today.
This sounds like an amazing idea and I know this new Government scheme will be extremely helpful to so many of you so here are the details.
Basically how it will work is when you save up to £50 a month, you will receive a bonus of 50%, a maximum of £600 after two years.
Savers can then choose to use the scheme for a further two years and earn up to another £600.
People will be able to access these savings at any point with no restrictions on how they are to be used.
The scheme will be rolled out within the next two years and will be available to workers on Universal Credit or Working Tax Credits.
David Cameron has said: I’ve made it the mission of this government to transform life chances across the country.
That means giving hard-working people the extra support they need to fulfil their potential.
And that’s what these new measures will achieve – helping someone start a savings fund to get them through difficult times, giving people on low incomes a pay rise and making sure teenagers have the experience and networks to succeed.