Levy transfer increases from 10% to 25%
Many levy paying companies are struggling to utilise their levy money themselves or want to be able to support smaller organisations in their supply chain. Therefore, the Government have come up with a scheme where you can transfer some of your money to your supply chain the help them utilise the apprenticeship programme.
From April, levy paying employers have the option to transfer a portion of their unspent funds to another organisation e.g supply chain, charities, etc, so if you have partners that you work with – your event agency if you are a corporate organisation, then you can help them develop new talent by moving some of your levy to them to pay the training of an apprentice in the agency, which in turn will benefit you.
The percentage that could be transferred has increased from 10% to 25% of your levy pot.The benefit for a non-levy payer using levy transfer rather than co-investment is that even with the new changes they’ll still be required to pay 5% of the cost – however with levy transfer 100% of the cost will be covered.
Want to discuss further and work out how it all works?