Friday 11th December
Every apprenticeship standard has different associated training costs, and businesses can get help from the Government to pay for the apprenticeship training. The amount that you receive depends on whether you pay the apprenticeship levy or not.
The apprenticeship levy was introduced by the Government in 2017 to create long term sustainable funding and to help improve the quantity and quality of apprenticeships. If you’re an employer with an annual wage bill over £3 million, you pay the apprenticeship levy. If you do not need to pay the levy, you pay 5% towards the cost of training the apprentice, and the Government will pay the rest (95%) directly to the training provider – this is called ‘co-investment’.
If you hire an apprentice that with you between 1 August 2020 and 31 March 2021, you can claim up to £2,000 as an incentive payment if the apprentice is under the age of 25 or you can claim £1,500 for those aged 25 and over. As an additional benefit, these cash incentives for employers will stand in addition to the existing apprenticeships levy - which rewards businesses with a £1,000 payment for new 16-18 year old apprentices, and those aged under 25 with an Education, Health and Care Plan.
Employers can use the funding to go towards any of the costs associated with supporting a new apprentice in the workplace, including wages, uniforms, facilities, and travel. Individual employers can choose how to spend the incentive funding to support their apprentices depending on their individual circumstances.
You can find out more about the government grants available to businesses that take on apprentices here. You can also find out if there are any local council grants for smaller businesses taking on apprenticeships here.
Our dedicated Apprenticeship Advisers will support you and assess your apprenticeship needs, tailoring support to ensure your business is getting the very best apprenticeship advice and guidance. We will analyse your training needs to ensure your business is employing or upskilling onto the correct training programme to support business growth and prosperity. Contact us today on 0800 032 3488 or email firstname.lastname@example.org.