We’ve spoken a few times on this blog about the fantastic opportunity the Apprenticeships Incentive Scheme presents, but at this time of writing, there are just 50 days left to register!
In short, the scheme offers up to £4,000 in grants for every apprentice you take on before 30th September 2021. The scheme was created as an economic response to COVID-19.
If your business is looking to take on new starters or add new skills to your team, this is an opportunity not to be missed.
The scheme is available to businesses in both England and Wales, and as we are now an approved training provider in Wales for Digital Marketing Apprenticeships, we thought we’d give you a little reminder of the terms.
How does the Apprenticeship Incentives Scheme work in England?
Businesses in England can get:
- A guaranteed £3,000 grant when they hire an apprentice of any age before 30th September 2021.
- A bonus £1,000 on top of that, if their apprentice is aged 16-18.
Businesses in England may obtain this grant for any number of apprentices they hire before the deadline.
How does the Apprenticeship Incentives Scheme work in Wales?
- £4,000 for each new apprentice recruited aged under 25 where the contract of employment is for at least 30 hours per week.
- £2,000 for each new apprentice recruited aged under 25 where the contract of employment is under 30 hours per week.
- £2,000 for each new apprentice recruited aged 25 and over where the contract of employment is for at least 30 hours per week.
- £1,000 for each new apprentice recruited aged 25 and over where the contract of employment is under 30 hours per week.
This is up to a maximum of 10 apprentices.
How does funding work if I miss the scheme deadline?
Apprenticeships have always been a very beneficial project for businesses to be a part of. The scheme has simply been an added bonus!
Without the £4,000 grant scheme, businesses are still eligible for funding in one of two ways:
- Businesses with a payroll of over £3mil will pay into the Apprenticeships Levy Pot. This tax can then be spent on apprenticeship training. Many businesses who pay into the pot waste this funding and do not use it, so be sure to get involved!
- Businesses who do not pay the apprenticeships levy will usually only pay 5% of the fees for apprenticeship training. The government covers 95% of the fees.
- Businesses who do not pay the levy, and also have less than 50 staff will have 100% of their apprenticeship fees funded by the government, if the apprentices are 16-18.
These rules still apply when you are eligible for the Apprenticeships Incentives Grant, so you can see why it’s such a lucrative opportunity for businesses!
How Do I Apply for the Apprenticeship Incentives Grant?
Applications couldn’t be simpler. The first step is to find yourself a recognised Apprenticeships Training Provider, like NTG Training.
Your training provider will handle everything for you.
Onboarding at NTG is an efficient process! You simply call us for a chat about what you’re looking to hire, then we’ll handle recruitment. Once you’re happy with your new hire, we’ll complete all the paperwork and applications on your behalf, ensuring you get your grant paid out on time.
Fancy a chat about apprenticeships? We’re here to answer any questions you might have.