There's some great news for employers following Chancellor Rishi Sunak’s budget announcement to increase the funding available to businesses who take on apprentices.
It’s great to see that the government recognise and endorse the value of apprenticeships by announcing that they plan to increase the funding available to businesses who recruit apprentices by 50 per cent, taking it to £3,000 from April 2021.
As businesses look for ways to thrive after what has been a very difficult year for many, this move highlights the government’s belief that apprenticeships are the key to helping businesses to grow and develop a skilled, happy and productive workforce. Not only will young people looking to progress both their knowledge and employability benefit from this, with an extra £1,000 granted to businesses for every apprentice they hire under the age of 19 means there will also be more opportunities for those already in employment who are looking to upskill or re-train.
We welcome the apprenticeship funding options available to businesses through government schemes such as the apprenticeship incentive payment scheme and urge the government to continue to develop incentives that promote the benefits apprenticeships. Apprenticeships are unique in the fact that they provide both monetary value to both businesses and learners, as well as providing important academic and practical skills. We also recognise more information is needed to make sure both employees and businesses are well-informed of what these benefits are and how they can be accessed.
There are a range of funding options available to businesses depending on their circumstances, so if you would like to know more about the funding options available to them and how much you may be entitled to, you can visit our employer page here, where you will find a host of free information and advice.