New Apprenticeship Cash Incentives Announced
Did you tune in to Chancellor Rishi Sunak’s budget announcement? There was a lot to take in… Amongst the detail there was some fantastic news for apprenticeships. Let’s break it down.
Currently, the employer incentives for hiring a new apprentice are £2000 if they are aged 16 to 24 and £1,500 if they are over 25. With the traditional £1,000 employer incentive for hiring someone 16-18 or 19-24 with an EHC plan still in place, employers can receive up to £3,000 to take on an apprentice, up until 31st March.
As of 1st April, the cash incentive amounts will be increased! Here’s how it’ll work.
Employers will still receive the traditional £1,000 from the government for hiring someone a 16-18 or 19-24 with an EHC plan
Employers will also be able to claim £3,000 for recruiting a new apprentice from 01st April – 30th September, regardless of the apprentice’s age.
In some cases, this will mean employers can receive a total of £4,000!
This amount can be used as they see fit, whether that’s to cover recruitment costs, uniform, equipment, travel or wage contribution. The cost of recruiting an apprentice has been significantly reduced!
The benefits of apprenticeships are well documented – They provide a full programme of learning whilst gaining on the job experience, giving new employees a solid foundation to develop their career. At Mitre we’re absolutely delighted the government have chosen to support employers in the funding of apprenticeships and are ready and waiting to provide the best standard of apprenticeship training available!
To take advantage of the apprenticeship cash incentives available, or to find out more information please contact us at email@example.com.