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Extra cash made available for those hiring apprentices

Among the various measures outlined in the Chancellor of the Exchequers’ Spending review, is an extension of employer incentives for taking on new apprentices.

Under this scheme, employers will receive £2,000 for hiring a new apprentice (£1,500 if the apprentice is over 25), money which is in addition to the £1,000 grant for taking on young apprentices.

The extra funding was due to run out at the end of January next year, but it has now been extended until the end of March 2021.

Unlike the apprentice levy, these funds can be used to pay for any costs within your organisation.

Other measures highlighting the importance the government are attaching to the training sector include:

  • £400m investment in FY21-22 – the first step in the £2.9 billion new three-year “Restart programme” for the long-term unemployed.
  • £1.4bn to build on the Plan for Jobs commitment to increase capacity in Job Centre Plus and double the number of work coaches.
  • £375m skills package, which will start delivering on the Prime Minister’s new Lifetime Skills Guarantee.
  • This skills package includes £138m to fund in-demand technical courses equivalent to A-levels, and expand the employer-led boot camp training model.
  • £127m funding to continue skills measures in the Plan for Jobs into FY21-22, investing in sector-based work academies and traineeships, and investing in the National Careers Service (NCS) to enable more adults to access high-quality careers advice.

In tough economic climates having staff trained to make the most of their abilities and able to undertake multiple tasks, can be critical to an enterprise’s success. These schemes can aid that.

Swatpro Academy has produced an infographic explaining the Government business incentives around training, which details the benefits to business’. Do contact us if you need our tailored training support or have any questions!

Extra cash made available for those hiring apprentices