Good news if you're thinking of taking on an apprentice for your business. The government has increased the funding to take on new apprenticeships aged 25 and over and is extending its apprenticeship incentive scheme until 30th September.
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.
Apprenticeship financial incentives were first introduced by Chancellor Rishi Sunak in August 2020 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. This will end on 31st March.
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.
The payment is in addition to the £1,000 employers already receive for hiring new apprentices aged 16-18 and those under 25 with an Education, Health and Care Plan, meaning employers could get up to £4,000.
Assistant Principal, James Norris said: “This extended funding boost is just what 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.”
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. If businesses are considering taking on an apprentice, they will need to set up an account on The Apprenticeship Service beforehand.
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.
Employers interested in taking advantage of this new funding can contact the business training solutions team by emailing email@example.com