Gov. Andrew Cuomo has unveiled a new plan to promote youth employment and reduce the high unemployment rate among 16-to-24-year-olds.

Under Cuomo's NY Youth Works plan, employers who hire and retain youth employees for at least six moths would be eligible for a wage subsidy of $3,000. Employers who keep the employees for a further six months would receive an additional tax credit of $1,000.

The state will also invest $62 million into job training for young workers under the plan.