The money aims to increase places for unemployed 18-year-olds on the government’s Work Programme.
Jobcentre Plus will be handed additional funding to provide training and work experience places for 16- and 17-year-olds who are not in education, employment or training.
Charities will also be able to access a newly created £10m Innovation Fund for schemes that support unemployed young people.
The latest funding commitments have been revealed in a government report called Supporting Youth Employment.
This plans to reduce bureaucracy around apprenticeships and pilot an outcome-based payment system for firms that provide training for young people, including BT, TUI and McDonalds.
According to a statement issued by 10 Downing Street, "100 large companies and tens of thousands of small companies around the country have responded to the government’s call and pledged to offer work experience places".
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