Have you ever wondered how much an apprenticeship will cost or whether there’s any help for your business?
Read on to find out all you need to know about the current apprenticeship funding rules.
Each qualification and level has a different associated cost. For example, training for a Level 2 Customer Service apprenticeship costs £1,500 while a Level 3 Advanced Domestic Plumbing apprenticeship costs £9,000.
You can view all the qualification funding bands on gov.uk website - Apprenticeship funding bands
If you’re a large employer, you’ll be able to use your apprenticeship levy to fund any training. If your annual wage bill is £3million or more, 0.5% of that wage bill will be going towards apprenticeship training costs. This is known as the apprenticeship levy and you have 24 months to use it before it automatically goes back to the Government.
If you’re a business with fewer than 50 employees, you could get 100 per cent of the cost of training paid for by the Government. Small and Medium Enterprises (SMEs) can also access levy gifted funds to pay for apprenticeship training.
The levy can be spent on a number of elements related to apprenticeships excluding travel costs, management costs, required licenses, wages or the cost of setting up the apprenticeship.
Apprenticeship grants may be available to help your business provide a fully funded apprenticeship. The government is offering a £1,000 cash incentive for employers who take on an apprentice aged 16-18 (or under 25 with an EHC plan).
This is in addition to a £3,000 grant for companies taking on apprentices of any age before 31 January 2022. Grants may also be available from local authorities and industry associations.
Apprenticeship funding rules are updated every year by the government and as an employer, you’ll need to be aware of the key points around apprenticeship funding.
Make sure you read our blog- Apprenticeship funding rules for employers - for more detail.
Apprenticeships are one of the best ways to bring in new talent and upskill existing staff but we know it can be a confusing process. That’s why our experienced team will take the hassle out of the process and guide you through the process from start to finish.