Published on: 30 March 2021
The Education and Skills Funding Agency (the ESFA) announced last week that all non-levy paying employers have now had their access to apprenticeship funding reserves increased. Employers will now be able to recruit up to ten new apprentices – an increase from the previous level of funding of three apprentices per non-levy paying employer.
Coupled with the increase in the incentive payments available for employers recruiting apprentices, now could be a good time for businesses to consider taking on new apprentices.
Currently, employers in England are eligible to receive incentive payments for each apprentice they recruit, receiving £3,000 for each apprentice (of any age) recruited between 1 April 2021 and 30 September 2021.
This is in addition to the £1,000 incentive payment that employers are eligible to receive for apprentices aged 16 – 18 or apprentices aged 25 and under with an education health and care plan (EHCP), or who has been in the care of their local authority.
In addition to the financial support available for non-levy paying employers, apprentices bring many benefits to businesses and often continue with their employers once they have completed.
Benefits of recruiting apprentices include:
- Fresh perspective and new ideas
- Increased productivity
- Address skills gaps and encourage business growth
- ‘Home grown’ talent
If you would like to know more about apprenticeships and how they can benefit you and your business, you can find out more information by visiting the Institute for Apprenticeships and Technical Education’s website, or email us at training@britishmarine.co.uk.