Tuesday newspaper round-up: Wage subsidies, youth unemployment, OVO
Government wage subsidies for disabled and vulnerable workers could be drastically scaled back from August under Treasury plans to wind down its Covid-19 furlough scheme, employers’ groups have warned. Charities and social enterprise employers have been told by the government that its plan to bring the coronavirus job retention scheme to an eventual close this autumn does not currently include an exemption for vulnerable workers. – Guardian
The government is coming under pressure to provide back-to-work support for young people amid evidence that the under-25s have been hardest hit by the Covid-19 economic fallout. In a report published on Tuesday ahead of unemployment figures expected to show the first signs of the pandemic’s impact on the labour market, the Resolution Foundation said younger and older workers were the most likely to have lost their jobs or had their incomes reduced. – Guardian
Energy supplier OVO announced deep job cuts and office closures on Tuesday morning, as lockdown pushes more customer service online and dramatically reduces the need for technicians in the field. The company, which acquired energy giant SSE in January for £500m, said it was accelerating a three-year restructuring plan in to a matter of months. – Telegraph
The private equity-backed operator of the Las Iguanas and Café Rouge chains is set to undergo a painful restructuring after filing a notice of its intention to appoint administrators, which could threaten more than 6,000 jobs. The Casual Dining Group, which also owns the Bella Italia brand, said that the “prudent measure” would give it time to consider its options and did not necessarily presage administration. - The Times
Almost two thirds of fund managers and traders think that they will work from home for at least one day a week after the pandemic, according to a survey by Deutsche Bank that suggests a dramatic shift in City working patterns. The German group, which has a significant presence in the Square Mile, has found that the longer they stay away from their offices, the more comfortable financial services workers are to be working from home. – The Times