FINANCIAL SUPPORT AVAILABLE FOR STAFF WORKING EXTRA HOURS OVER TT 2024 IN HOSPITALITY AND RETAIL

The Department for Enterprise, working with Treasury and the Economic Strategy Board has approved the implementation of a short-term financial incentive to encourage people to undertake second jobs and additional hours in the hospitality and retail sectors over the 2024 TT fortnight to respond to expected high-levels of visitor numbers.

The TT Hospitality & Retail Staffing Incentive Scheme will be made available for businesses operating in hospitality and retail sectors only, and will enable businesses to apply for additional funding which must be passed on to their staff.

Subject to meeting the eligibility requirements, businesses are able to apply to gain financial assistance through this Scheme for each 10 additional hours in each week undertaken by an employee, up to £100 per week for each individual.

The support offered is only applicable to hours worked in excess of 37 hours per week during the qualifying two week period of Monday 27 May to Sunday 9 June.

The Scheme has been created as a direct response to concerns raised by the industry over ongoing staff shortages and the scale of staff needed to support a crucial busy period.

Tim Johnston MHK, Minister for Enterprise, commented:

‘As the Island gears up for the TT, we have heard from industry that there is a concern regarding the ability for businesses to scale up its staffing and deliver the expected level of service over the 2024 TT Race period. It has long been understood that whilst the event as a whole provides significant economic benefit, in particular for hospitality and retail, it equally places increased demand on these sectors.

‘I hope this Scheme will provide some welcome financial assistance for businesses as they look to ensure they are able to maximise their opening hours over the two weeks, and pass this benefit directly on to their workers who are supporting with additional hours.

‘Clearly from an economic perspective, the Island benefits from the additional visitor spend, and the wages being generated over this period feed back into our local economy.’

Dr Alex Allinson MHK, Treasury Minister, commented:

‘The TT Hospitality & Retail Staffing Incentive Scheme is a short-term measure which seeks to relieve some of the pressures currently facing businesses in those sectors by incentivising individuals to earn more during a strategically important time for the sector and indeed the Island’s economy.

‘In simple terms someone working an extra 10 hours over above their full time (37 hours per week) role, will receive an additional £50, with the maximum available being £100 per person, per week.

‘With TT due to begin shortly, I know many businesses already encourage their staff to consider supporting the local economy by taking a second job over the TT period, with the Isle of Man Government being no exception. By introducing this additional support, I hope we will see more of our residents choosing to support the industry over this important and busy period.’

There will be a simple registration process including a declaration by the business that they will pay these full monies to the individual, and a simple claim process that will be available after TT.

To find out more about the scheme, visit: https://www.iomdfenterprise.im/financial-support/funding/tt-hospitality-retail-staffing-incentive-scheme/    

Potential applicants are encouraged to contact the Department for Enterprise by email at enterprisesupport@gov.im or by telephone on 687333.