The terrible truth about the Future Jobs Fund
Yesterday (22 Nov) the Department for Work and Pensions published Impacts and Costs and Benefits of the Future Jobs Fund, a quantitative evaluation of the last government’s most important job-creation scheme.
Under the future jobs fund and everything else that was going on under the previous Government they threw money at providers ahead of any kind of outcome, caring only to tick the boxes to say that they had done something rather than that they had done something reasonable.
So it must be embarrassing that this review found that the Future Jobs Fund decreased the amount of time participants spent on benefits and increased the time they spent in unsubsidised employment. Two years after they started their FJF job, participants were 16 per cent less likely to be on benefits than if they had not taken part and 27 per cent more likely to be in unsubsidised employment and
… the impacts of FJF on both welfare receipt and unsubsidised employment were still strong after 104 weeks, so it is reasonable to assume that they will be sustained for some time beyond the 104-week outcome period.
The cost-benefit analysis is particularly impressive:
- net benefit to participants, about £4,000 per participant;
- net benefit to employers, about £6,850 per participant;
- net cost to the Exchequer, about £3,100 per participant; and
- net benefit to society, about £7,750 per participant.
Sometimes the news is just too good for the DWP.