Apprenticeship Funding Gets Government Investment Boost

Apprenticeship Funding Gets Government Investment Boost

As of April 2024, the Government has introduced significant changes to apprenticeship funding requirements, aiming to facilitate greater accessibility for businesses.

If you are a Non-Levy company in the UK (Payroll is less than £3 million) and the apprentice you hire is 21 and under, it will now be fully funded by the Government. Consequently, if a non-levy company employs an apprentice within this age bracket, the sole cost incurred will be their wage, provided the company does not contribute to the levy.

Previously, fully funded apprenticeships were exclusively available if the apprentice hired was 18 and under. For apprentices aged over 18, companies were required to contribute 5% of the apprenticeship training costs. Now, non-levy companies employing apprentices aged 21 and under will no longer bear any training expenses, assuming they do not contribute to the levy.

My apprentice is 22 or over, how can I get it fully funded?

The government will allow large levy-paying businesses that pay into the apprenticeship levy to pledge up to 50% of their unspent funds to another business. If you are an SME, you can apply to receive a transfer of 100% of the funds. Making use of a larger company’s unused levy funds will allow you to gain a fully funded apprenticeship.

To access these funds you can either reach out to local, levy-paying businesses to transfer the funds, or alternatively, you can check out the government website that can show you all the companies willing to transfer funds.

Take a look at our page about recruiting an apprentice to see how it works and the benefits apprentices can bring to your workplace.

If you’re already sold, give us a call on 01482 211714 or leave your details below and we’ll contact you to discuss your requirements!