Levy employers can now transfer funds!
Written on 17th, September 2021
This week, the Department of Education has launched a new government scheme to help businesses create more apprenticeship opportunities and support those looking for their dream job.
Large businesses known as Levy employers will now be able to pledge funds to smaller businesses through the new government service. This scheme aims to help create and recruit for more apprenticeship opportunities.
Starting on the 13th of September, the online service will make it easier for large employers to spend their levy funds. Large businesses can transfer up to 25% of their annual levy pot to support other employers to take on apprentices. Nationally recognised organisations, like Amazon and Co-Op have already taken full advantage of this opportunity to support small and large businesses in providing apprenticeship opportunities.
The effects of the new service:
The new service aims to simplify the process for both employers looking to transfer funds and businesses wanting to access funding. Levy employers can now advertise their funding pledges on a dedicated GOV.UK page , enabling a much wider range of businesses to browse and apply for available funds.
Funds can now be used to support apprenticeships in both smaller and larger organisations. Having the opportunity to transfer funds enables businesses from any sector or region to access funding and provide apprenticeship opportunities to help train and retain their workforce, whilst addressing skills gaps within those areas.
Simplifying the process for employers to benefit from apprenticeships, the new transfer service aims to provide more apprenticeship opportunities for those looking to reach their career goals. For businesses transferring their funds, they will have the ability to target their pledges towards sectors and communities they want to support which enables them to ‘give-back’ and help their local business community.
Professional Training Solutions look forward to supporting and promoting the new service across new and existing employers.