Are you considering an apprentice in your business?
Did you think you couldn’t afford to provide comprehensive and professional staff training?
Did you know that there are incentives available for businesses?
If the Apprenticeship Levy applies to your business, you can use the funds towards the cost of training. If however your business is a non levy paying employer the Government will provide 95% (or 100% in some cases) of the balance to cover the cost of your staff apprenticeship training. Employers may then only be required to contribute the remaining 5% towards the costs of training.
Your business may be eligible for 100% funding if your annual wage bill is less than £3 million, and you have less than 50 employees. In this case, you will receive 100% funding for any Apprentices aged 16-18, and 95% for any aged 19+. You will be required to contribute the remaining 5% of the funding costs for any apprentices over the age of 19.
If you have more than 50 employees and your wage bill is less than £3 million, you will still receive 95% funding for any Apprentices aged 16+. You will be required to contribute the remaining 5% of the funding costs.
Additional Incentives for Businesses Include:
The Teen Grant is a £1000 incentive for every new apprenticeship that starts for learners aged between 16-18. Payable instalments at the end of month 3 and month 12 of each learner’s qualification. This incentive also applies to any learner aged 19-24 that come from a care background.
For small businesses employing less than 50 employees, 16-18 apprentices remain contribution free. This incentive also applies to any learner aged 19-24 that come from a care background.
For more information contact our team on email@example.com