Good news if you're thinking of taking on an apprentice for your business. The government is extending its apprenticeship incentive scheme until 31st March.
The College is committed to supporting businesses across all sectors as they look to fully capitalise on these bonuses from the government and the West Midlands Combined Authority (WMCA).
Apprenticeships will be more important than ever in helping businesses to recruit the right people and develop the skills they need to recover and grow – both now and in the long-term. Due to the economic impact of the coronavirus (COVID-19) outbreak the government has introduced incentive payments for hiring a new apprentice to help organisations offer new apprenticeships.
Firms will receive £2,000 for hiring a new apprentice aged 16 to 24, while £1,500 will be paid for new apprentices aged 25 and over. This is in addition to the £1,000 employers already receive for hiring an apprentice.
The bonuses will be available from August to 31st March 2021.
Assistant Principal, James Norris said: “This funding boost is the turning point that businesses in crisis so urgently need in order to re-evaluate and return, stronger than ever.
“The creation of new apprenticeships and traineeships will capitalise on the skills and productivity ambitions that we as a region have already achieved, and will continue to deliver in line with our economic priorities.
“We’re ready to work with all businesses taking advantage of this funding and workforce investment. Through the recruitment and training solutions we have available, we can make sure businesses do not face any further skills challenges while looking ahead.”
This funding goes hand in hand with the WMCA’s £40m Apprenticeship commitment for Levy Transfer investment within the West Midlands.
New legislation means extra funding is opening up the apprenticeship service for small to medium sized business that do not currently pay into the apprenticeship levy, with 100% funding for apprenticeship training and no co-investment for SMEs (subject to meeting the required criteria).
This allows employers to take more control over how they engage with apprenticeships. This ensures they are doing the best for the long-term profitability of their business and encourages the continuation of high quality apprenticeships.
An apprenticeship can be a smart, cost- effective way of taking on a new recruit to work in your business, or to help an existing member of staff to progress in their career.
Walsall College is also reaching out to businesses that have been forced to restructure their workforces due to the impact of Covid-19. A full redundancy support service is available to help employers manage this process. Personalised advice and guidance can also be provided for those pursuing new employment opportunities.