Apprenticeships are funded through either of the following 2 ways:
- The Apprenticeship Levy
- Co-funded by the employer and the Education & Skills Funding Agency (ESFA)
Apprenticeship Levy Funding
Employer’s with a payroll over £3m in England pay a 0.5% levy each month through their PAYE. These funds are collected and held in an online Apprenticeship Service account only to be accessed by the employer for funding Apprenticeships in their business.
Working with our experienced team, we can ensure you maximise the return on your levy funds. We will ensure your apprentices will receive the training they require to progress in their roles and boost your company’s performance and productivity.
Co-funding Apprenticeships between the employer and ESFA (Non-Levy)
Employers with a payroll below £3m in England jointly co-fund apprentices in their business. The ESFA contributes 95% of the funding for the apprenticeship and the employer contributes just 5%.
Contact us now to take advantage of this excellent funding opportunity so your business can begin to benefit from Apprenticeships straight away.
The European Social Fund also co-funds all Apprenticeship delivery in the UK.
Incentive payments for Employers hiring a new apprentice
There are currently extra payments available to employers who hire a new apprentice. Payments are dependent on the age of the apprentice at the start of their apprenticeship and how long they stay with you as an apprentice.
Payments for starting after 1 April 2021
|Age||Total Payment Available||Payment at 12wks||Payment at 365 days|
Note: Actual payments for the above qualifying periods will be paid 6 weeks after reaching each milestone.
The offer for these extra payments are currently due to cease for all starts after 30 September 2021.
What next? …
Contact us below so we can help guide you through the process of registering with the Apprenticeship Service or if you need any assistance with accessing and using your levy funds.