The scheme will offer people aged between16 and 25 up to 470,000 opportunities over the next 15 months.
According to the Department of Work and Pensions, up to 100,000 unemployed young people will be eligible to benefit from the guarantee straight away.
Ministers are calling for businesses to keep Backing Young Britain by creating even more opportunities for young people. They will promise Government support to businesses that give young people a job, apprenticeship or internship.
Yvette Cooper (pictured), secretary of state for work and pensions, said: "The extra investment has already been critical to keeping unemployment 450,000 lower than expected. But despite the latest welcome fall in unemployment, now is the time to increase help not cut it back. We need to make sure young people do not suffer the scarring effects of long-term unemployment.
"Extra help is already available to young people and many thousands more are in work, education or training as a result. But we want to guarantee every young person the right support. That's why this guarantee is starting now, as the school leavers and graduates of last summer who couldn't find work because of the recession start to approach six months' unemployment. It's why it's so important for employers and Government to continue working together to Back Young Britain."
The new Young Person's Guarantee will provide up to 470,000 extra job and training opportunities for young people over the next 15 months. The guarantee offers:
- The opportunity to apply for new jobs created through the £1 billion Future Jobs Fund
- Extra training and support to get an existing job - with help especially targeted at key employment sectors with high levels of recruitment
- Work-focused training
- A place on a community task force
- Help with self-employment
- Internships for graduates and non-graduates.
Business secretary Lord Mandelson added: "Young people have been at the centre of Government's response to unemployment and the recession, but we must not be complacent. Our support is an investment in our future as we build a stronger Britain."
