Funding for levy payers
A degree apprenticeship is a great way to develop your team. Thanks to the Government’s apprenticeship levy, you can access the funding to cover your costs.
Payments into the levy will be 0.5% of your annual pay bill, minus a £15,000 levy allowance, which is paid into your digital account in monthly instalments. Those payments – plus a 10% government top-up – will fund apprenticeship course fees and any end-point assessment, up to the relevant funding cap.
Your organisation will pay the monthly apprenticeship levy via the PAYE system.
Gov.uk has detailed information on apprenticeship funding and setting up an online account:
It's never been more affordable for businesses to take on an apprentice
With a brand new bonus introduced for businesses to hire apprentices over the next six months, this means that employers could receive up to £3,000 for hiring an apprentice between August 2020 to January 2021.
But what does this mean for your business in a post-pandemic landscape, and how can the team here at NTU help you to stay competitive and develop, diversify and retain your workforce cost-effectively?