The government has announced a new apprenticeship scheme where employers can receive up to £3000 for each Apprentice hired.
This policy has been implemented to boost the chances of school leavers finding jobs and new professions, especially during the coronavirus crisis. It rewards employers who are willing to hire and develop young talent in their workforce, and will allow apprentices to combine working with studying to gain skills and knowledge in a specific field.
The scheme will grant £3000 for every apprentice hired between the ages of 16-18, £2000 for hires between 19-24 and £1500 for apprentices 25 and over. Added to this, the apprentices can be new or current employees.
Among the requirements for the scheme, the apprentices must work with experienced staff, learn job-specific skills, have at least 20% of their normal working hours dedicated to training or study and they must be paid at least the minimum wage.
Government funding is also available for most of the cost of training and assessing apprentices. If your company is based in England, you may only have to pay 5% of the costs of training and assessing your apprentice. To do this, you’ll have to agree a payment schedule with the training organisation, and pay them directly for the training. The government will pay the rest up to the funding band maximum.
If you want any advice on apprenticeships, or how to keep your business financially stable during the current lockdown, give us a call.