From the 1st April 2024, the Government will now pay 100% of the costs of training and assessment for apprentices aged 16-21 who are employed by a small to medium sized company (previously this funding was for those aged 16-18).
This is great news for smaller employers hiring young people as an apprentice as this will save them 5% of the costs of training and assessment.
More good news as levy paying employers can now gift up to 50% of their levy to other employers
The Government also announced that employers who have a pay bill of over £3m will be able to gift a portion of their levy to other employers to pay 100% of the training costs for their apprentices who are aged 22+.
From April 2024, the amount that levy paying employers can gift to other employers will double from 25% to 50%. This will increase their financial support for other employers whilst boosting local skills and employment through apprenticeships.
Get in touch with the Employer Services team for advice on how your organisation can access levy transfer from larger employers to pay for your apprenticeship(s) training and assessment costs.
Call 0151 551 7610 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
