Businesses are to be given £2,000 for each new apprentice they hire under the age of 25 as part of the jobs package.
Chancellor Rishi Sunak said the money will be in addition to the existing £1,000 payment the Government already provides for new 16 to 18-year-old apprentices.
Investment in traineeships will total £111 million in the current financial year, three times the original scale.
The Chancellor said £17 million of funding will be made to triple the number of sector-based work academy placements, and nearly £900 million to double the number of work coaches to 27,000.
He added that more than 250,000 more young people will benefit from an extra £32 million investment in the National Careers Service.
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