The Apprenticeship Levy
In May 2017 the Government introduced the Apprenticeship funding reforms. Many employers, in some way, will contribute towards the cost of training an Apprentice.
Employers With a Wage Bill Over £3million Per Year
The Apprenticeship levy requires all employers operating in the UK, with a wage bill over £3 million each year, to invest in Apprenticeships. The Apprenticeship Levy is a payroll tax that has been set at 0.5% of a company’s total employee earnings. Employers who contribute towards the Levy will accumulate funds, within a digital account, to finance Apprenticeships within their business.
Employers With a Wage Bill Under £3million Per Year and More Than 50 Staff
Employers who are not subject to the Apprenticeship Levy (wage bill less than £3m and more than 50 staff), will now contribute towards the cost of training an Apprentice. In most cases the Government require a contribution of 5% towards the cost of the training (or 10% for Apprentices who started before 01/04/2019). However, there are some exceptions to this rule.
Employers With a Wage Bill Under £3million Per Year and Less Than 50 Staff
Employers with less than 50 staff and wage bill less than will still receive full funding for 16-18yr old Apprentices.
HBTC’s Commitment to Employers
HBTC are supporting all employers throughout the Humber region with the reforms and advising how to maximise the funds and funding available, to recruit Apprentices and upskill the existing workforce.
You will receive a comprehensive free recruitment service where we will help you select the best Apprentice for your business. We will screen candidates, arrange interviews and provide feedback on your behalf – taking the pain and time out of the recruitment process, for your business.
If you have any queries or would like to discuss the reforms in more detail or to begin the recruitment process, then please do not hesitate to get in touch.