Chancellor Rishi Sunak delivered his spring budget and confirmed a doubling of apprentice incentive payments for employers.
Apprenticeship financial incentives were first introduced by the chancellor in Augustm2020 and currently offer firms £2,000 to take on apprentices aged 16 to 24, while those that employ new apprentices aged 25 and over are paid £1,500.
The chancellor said that the bonuses, set to end this month, will be extended for a further six months to September.
Any employers who hire a new apprentice between 1 April 2021 and 30 September 2021 will receive £3,000 per new hire, regardless of the apprentice’s age. This is on top of the £1,000 payment already provided for new apprentices aged 16 to 18 and if you take them on a work trial through our Traineeship programme before starting the apprenticeship, you can qualify for an extra £1000, meaning that you could receive £5,000 in total!
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