There’s been some recent changes in apprenticeships that you might be interested in. They’ll benefit you whether you’re a levy payer or not, so there’s something for everyone!
Non-levy government contribution increased from 90% to 95%
If you’re an SME that isn’t required to pay into a levy pot, then you’ll know that if you take on an apprentice (or put an existing employee on an apprenticeship) that the government would cover 90% of the cost, this is called co-investment. From the 1st April, the government will now contribute 95% of the cost of an apprenticeship. There’s no changes if you’re non-levy with less than 50 employees and taking on 16-18 year olds, they’ll still be fully funded.
As an example, a Data Analyst Apprenticeship is funded at £15,000. At present, any employer working under co-investment would be required to contribute £1,500. From April, this will be reduced to just £750.
DID YOU KNOW? There’s a £1000 incentive for any employer (inc. levy payers) that hires an apprentice that is 16-18 year olds.
Want to find out a bit more or generally discuss event apprenticeships and how they fit with your business?