LONDON, Jan. 10 (UPI) -- The British government says it is negotiating with major employers to set up an internship program for 400,000 college students set to graduate this summer.
With the economic crisis prompting employers to shed thousands of professional jobs, British Skills Secretary John Denham is working on a plan tentatively called the National Internship Scheme to provide help for students leaving school in "challenging" times, The Daily Telegraph reported.
Denham told the newspaper that four well-known companies, including Barclays Bank and Microsoft Corp., have already agreed to take part in the internship plan.
The Telegraph said that while no decisions have been made, government ministers are considering whether taxpayer money can be used for the idea. Denham said pay levels would be set slightly above the combined total that students would earn from a grant and a loan. The maximum annual student grant currently is $4,300 per year, while the top annual maintenance loan is worth $9,800.
