Hiring an apprentice has just gotten a whole lot easier. And so the benefits of new talent or even upskilling existing talent is within the grasp of all businesses. UK PM, Rishi Sunak has recently announced changes to apprenticeship funding arrangements to support small businesses.
From April 1st 2024, small businesses that aren’t paying the Apprenticeship Levy will have the full cost of apprenticeship training funded for anyone up to 21. The new reform replaces the previous ‘co-investment’ scheme that required non-Levy paying employers to partly fund the training.
The amount that Apprenticeship Levy paying organisations can transfer support to other organisations will increase from 25% to 50%. Channelling existing unused funds to benefit SMEs, so they can benefit from having apprentices. The announcement is underpinned by £60 million of new funding, presenting an opportunity for your business to participate in the anticipated 20,000 new apprenticeships expected in the next few years.
Whether you’re seeking to onboard new apprentices or upskill your existing workforce, we’re here to help. Discover more about our apprenticeship programmes by clicking here.
