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Key Updates in Apprenticeship FundingWhy This Matters for Your BusinessHow We Can Help
In April 2024, the UK government began fully funding apprenticeship training for small and medium-sized businesses (SMEs) not subject to the apprenticeship levy.
Key Updates in Apprenticeship Funding:
Full Funding for SMEs: If you’re an SME, the government will handle the full cost of apprenticeship training for any new apprentice up to the age of 21, ensuring no training costs fall on your shoulders.
Increased Levy Transfer Capabilities: For larger businesses that contribute to the apprenticeship levy, there’s now an option to transfer up to 50% of these funds to other businesses. This is a rise from the previous cap of 25%, enabling more significant support for SMEs and enhancing the potential to take on new apprentices.
Why This Matters for Your Business:
Zero Training Costs: Enjoy a complete waiver on apprenticeship training expenses.
Expanded Support from Levy-Paying Firms: Tap into increased financial support from larger corporations.
Enhanced Business Growth: Utilise apprenticeships as a strategic tool for business development.
Apprenticeships have consistently proven to be an effective strategy for cultivating a skilled and loyal workforce.
By tailoring training to meet your specific business needs, apprentices can integrate seamlessly into your operations, bringing a high return on investment, particularly for smaller firms now relieved from the burden of training costs.
How We Can Help:
Our dedicated Apprenticeship Recruitment Team offers comprehensive guidance, from navigating the new funding processes to selecting and training the ideal apprentices for your specific industry needs.
We collaborate with a broad spectrum of local and national employers to bridge skills gaps and promote the development of a robust professional workforce.
Take the Next Step: Don’t miss out on this exceptional opportunity to enhance your workforce without the financial pressures typically associated with such training programmes.
We can help make your transition into utilising apprenticeships smooth, beneficial and transformative.
For a personalised consultation and to understand more about how these changes can specifically benefit your business, please fill in the form below, and our apprenticeship recruitment team will be in contact with you.
