Priory Apprenticeships
There are a range of initiatives, funded by the Government, to encourage schools, education providers and businesses to either take on new apprentices, or to upskill existing staff through apprenticeships.
As an organisation, we have many years of expertise in supporting all manner of businesses with understanding how apprenticeships are funded.
Apprenticeship Funding Bands
- Each apprenticeship has a maximum funding band, which captures the ‘cost’ of the apprenticeship. This varies for each programme according to the content, length and level.
- For most organisations, the cost of the training is taken from your apprenticeship levy, and so is free at the point of access.
Apprenticeship Levy
- Employers in the UK with an annual pay bill over £3 million are required to pay the apprenticeship levy.
- If you are a levy paying organisation, the costs of the apprenticeship are taken from your levy funds, meaning there is no further cost to you.
- If you are not a levy paying organisation, or have used your levy fund, the government will contribute 95% of the costs of the apprenticeship, meaning you just have to provide a 5% employer contribution.
- Non-levy paying organisations, who recruit or upskill an apprentice that is aged 21 and under, will also be exempt from the 5% employer contribution.
- If you would like to find out more about the apprenticeship levy, and funding apprenticeships in education, then complete our enquiry form and book a call with us today.
Incentive Payments
Employers could get £1,000 for taking on an apprentice who is either:
- Aged 16 to 18 years old, or
- Aged 19 to 25 years old, and has an education, health and care (EHC) plan, or has been in the care of their local authority.
