The brand new incentive for businesses from the Government to take on apprentices started on 1st August 2020, and runs to 31st January 2021, making from now the perfect time to hire an apprentice.
What’s the deal?
A new payment of £2,000 for employers based in England will be given for each new apprentice hired (aged between 16 and 24) during the time frame quoted above. This new payment is in addition to the existing £1,000 paid for new apprentices aged 16-18.
A payment of £1,500 applies to employers who hire a new apprentice aged 25 and over.
There will be no limit on the number of incentive payments that an employer can claim for apprentices eligible to receive funding, provided each apprentice meets the criteria, including being a new employee.
As an employer, you will be responsible for making the claim, which will be paid by the government in two equal installments, at 3 months and 12 months from the start date of the new apprentice.
Do apprenticeships work?
Absolutely. If you are considering hiring an apprentice, it is worth knowing that 91% of apprentices stay in their job role, or continue to further training.
This could be a great opportunity to sign up a new staff member, and reap the benefits of a cash sum, as well as training up a valuable member of your team.
So, what are you waiting for? Now is the ideal time to recruit a new apprentice, as school leavers are now available and keen to start out on an apprenticeship scheme to learn their trade.
For further information, get in touch!