The Prime Minister has unveiled a set of reforms aimed at bolstering businesses.
The Prime Minister has unveiled a set of reforms aimed at bolstering businesses across Hull, East Yorkshire, Grimsby and North East Lincolnshire. Commencing April 1st, the Government will fully cover the costs of apprenticeships in small businesses, by scrapping the co-investment payments for apprentices under the age of 22.
This initiative will save businesses in Hull, East Yorkshire, Grimsby and North East Lincolnshire up to £600 for each apprentice who starts, depending on the apprenticeship standard they undertake.
Paul Robinson, Head of Marketing said “Avant Skills Academy is in a great position to support local employers. This move reduces the costs of employing an apprentice, but also as the only expert provider in the Humber, we can reduce the administrative burden, by setting up the Apprenticeship Service for them, as well as administering it”.
In addition, starting in April, there will be an increase in the amount of funding that levy-paying employers can allocate to other businesses for apprenticeships. Presently, such employers can transfer up to 25% of their unused levy to other entities. Under the new scheme, large levy-paying companies can transfer up to 50% of their funds, aiding SMEs in hiring more apprentices and addressing skill shortages across various sectors.
If you’re an employer who has vacancies to fill, skill shortages to address or just want to future-proof your existing team, contact us today to discuss the benefits of having an Apprentice and how you can access the levy funding by clicking here.