Apprenticeship Funding
Apprenticeship Funding
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%.
New! For new apprentices aged 16-21 starting after 1st April 2024 with an employer who does not pay the apprenticeship levy, there is no longer a requirement for an employer to pay a contribution towards the cost of the apprenticeship. They will be fully funded by the ESFA.
Employers that do not pay the apprenticeship levy can also benefit from fully funded apprenticeship training costs (up to the funding band maximum) for apprentices aged between 22 and 24 years-old who have an Education, Health and Care (EHC) plan and / or have been in the care of their local authority.
Contact us now to take advantage of this excellent funding opportunity so your business can begin to benefit from Apprenticeships straight away.
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.