Apprentices bring a number of benefits to businesses, with 89% of employers saying apprentices make their business more productive*.
To encourage more businesses to make use of apprenticeships, the government is introducing the apprenticeship levy this spring.
As of 6 April 2017, all employers operating in the UK with a pay bill over £3 million each year will be required to invest in apprenticeships.
These employers will need to spend 0.5% of their total pay bill on the apprenticeship levy. Once they have paid the levy, they will be able to access funding for apprenticeships to enhance their existing workforce.
The government will support businesses with a ‘levy allowance’ of £15,000 per year. This means that the total amount companies need to spend is 0.5% of their pay bill, minus £15,000.
Click here to find out if your business needs to pay the apprenticeship levy.
Under the government’s apprentice reforms, employer-designed apprenticeship standards will replace existing frameworks, ensuring that businesses are able to train apprentices with key skills in their sector.
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