Labour says its "jobs guarantee" scheme for young unemployed people will last for the whole of the next parliament, if it wins the 2015 general election.
Under the plan, 18 to 24-year-olds out of work for a year will be offered a taxpayer-funded job for six months - with those who refuse losing benefits.
Labour says it would pay for this by taxing bank bonuses and changing tax rules for the pensions of high earners.
The Tories say the sums "don't add up", with the money already allocated.
Labour sources say the £5.5bn initiative is the party's most substantial manifesto pledge to date, coming on top of previous commitments to reverse cuts to housing benefit and to reinstate the 10p tax rate.
But the Conservatives, he added, were insisting that Labour had already committed to spending the proceeds of a bank bonus tax on other policies, such as building 25,000 new affordable homes and reversing coalition tax changes.
"Start Quote
End Quote Sajid Javid Financial secretary to the TreasuryLabour's sums don't add up - they are proposing yet more unfunded spending, meaning more borrowing and more taxes"
The latest figures show there were 917,000 unemployed 16-24 year olds in the three months to December 2013, including those in full-time education but looking for work.
Under Labour's Compulsory Jobs Guarantee, those aged 18-25 out of work for 12 months or more would be offered 25 hours' work a week on the minimum wage and the employer would have to guarantee compulsory training.
'Starter jobs'Up to 80% of the jobs that will be created will be in the private sector, Labour hopes.
Speaking during a visit to a building site in south London, Labour leader Ed Miliband said everyone had to benefit from the recovery in the economy not "just a few banks".
"We've got 56,000 young people who have been unemployed for over 12 months," he said. "A Labour government will tax the bankers' bonuses and put our young people back to work."
In a speech later, shadow chancellor Mr Balls is expected to say a life on welfare will "no longer be an option" under a future Labour government.
LABOUR'S PREVIOUS BANK BONUS PLEDGES
- March 2011: To fund 25,000 new homes through £1.2bn construction scheme, £200m for regional growth fund and £600m for youth jobs fund
- July 2011: £5m for turning empty shops into community centres
"It's shocking that the number of young people stuck on the dole for more than a year has doubled under David Cameron," he will say.
"For tens of thousands of young people who cannot find work this is no recovery at all. We've got to put this right."
He will add: "It will be a tough contract - those who can work will be required to take up the jobs on offer or lose their benefits. A life on benefits will simply not be an option."
The initiative will also apply to adults aged 25 or over claiming Jobseeker's Allowance for two years or more.
Tax on bonusesLast month, the BBC learned that Labour had committed to fund the scheme for only a single year after the 2015 election. But this has been extended to the whole 2015-2020 period.
The party is promising to fund the bulk of the scheme in 2015-16 by repeating its one-off 2009-10 tax on bank bonuses, which it says would raise between £1.5bn and £2bn.
In the subsequent four years of the Parliament, it says the scheme will be paid for by restricting pensions tax relief for people earning more than £150,000 to the same rate as basic-rate taxpayers, expected to raise about £900m a year.
The Conservatives have questioned how Labour will fund this and other spending commitments after previously saying it would use the proceeds of a bank bonus tax for a range of other policies as well.
'Gimmick'Ahead of the 2011 Budget, Labour leader Ed Miliband said the bank bonus tax would pay for a £1.2bn house building scheme and £200m worth of regional economic projects as well as a £600m youth jobs fund.
Labour said it was making it "very clear" that the tax would now be used exclusively to combat youth unemployment but Treasury minister Sajid Javid it was a "short-term political gimmick that they want to spend 10 times over".
"Labour's sums don't add up," he said.
"They are proposing yet more unfunded spending, meaning more borrowing and more taxes to pay for it.
"It's the same old Labour. Ed Miliband has no economic plan. Labour would put the recovery at risk, put jobs at risk and hardworking people would pay the price with a less secure future."
In a report on Monday, the British Chambers of Commerce said youth unemployment was "unacceptably high" and called for action in next week's Budget.
David Kern, the organisation's chief economist, told the BBC that youth unemployment was a "very serious" issue but jobless numbers among under-24s were falling as economic growth improved.
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