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 months 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.