Employer apprenticeship incentives increased up to £4,000!
Written on 5th, March 2021
The cash bonus scheme for hiring apprentices aged 25 and over is set to double to £3,000 and will be extended by six months.
Rishi Sunak first introduced the financial incentive in August 2021, with employers receiving £2,000 to take on an apprentice aged 16 to 24, and £1,500 for those taking on an apprentice aged 25 and over.
The current scheme ends in March, but the chancellor has new plans which will be unveiled in his budget next week to extend it until September 2021.
From April, the incentives will become more generous with a £3,000 payment per hire, regardless of the apprentice’s age.
This incentive is on top of the £1,000 payment provided for new apprentices aged 16 to 18 and those under 25 with an Education, Health and Care Plan. As a result of an increase in funding, some employers could receive £4,000 in total!
Sunak is set to announce his budget next week, with an additional £126 million to further increase traineeship numbers by an extra 40,000 through 2021/2022.
This will include £22 million to continue the employer incentive payment of £1,000. It builds on the £111 million the chancellor set aside in 2020/2021 to triple the number of traineeships.
Through the Plan for Job, Sunak aims to provide opportunity and hope to those looking to get back in work and harnessing their talents for the future.
To find out how to recruit an apprenticeship and receive a £4,000 incentive, contact us on:
Telephone – 01252 712945