Grant designed to spur business and workforce development
FREEHOLD, NJ – Local businesses wishing to expand their workforce have a new financial incentive. The Monmouth County Workforce Investment Board (WIB) will reimburse up to 90 percent of wages to employers who re-employ and train a previously dislocated worker.
The on-the-job training program, called “Monmouth Works,” is paid for through a state grant and is intended to defray the cost of training the new worker.
“This is an excellent way for small businesses to expand their workforce without making a major financial commitment,” Freeholder Thomas A. Arnone said. “Anything we can do to put people back to work is a positive for the economy and for the county.”
“Monmouth Works” reimburses small businesses (50 or fewer current employees) up to 90 percent of wages of the newly hired worker; mid-sized businesses (50 to 250 current employees) with a reimbursement of 75 percent of wages of the newly hired worker, and large businesses (250 or more current employees) with a reimbursement of 50 percent of wages of the newly hired worker.
The reimbursement period can vary from four to 12 weeks, and the program ends on June 30. However, employers participating in the “Monmouth Works” program are asked to commit to hiring the worker full time.
“Monmouth Works allows a business to receive a direct financial incentive to hire and train a previously dislocated worker, while that individual is not only able to return to work, but to acquire new skills for the future,” WIB Chairman John E. Gagliano said.