Here at SRSCC, we’ve always been passionate about learning and development. An employee that is learning feels more valued within their role and therefore approaches their work with more drive. These employees are also becoming more valuable to your business; improving and expanding their knowledge that, in turn, makes them more productive employees in more areas.
That’s why we’re happy to bring your attention to the new government incentive for hiring apprentices.
What it entails
If you hire an apprentice between the 1st August 2020 and the 31st January 2021 then you will receive:
- A payment of £2000 for apprentices aged 16-24
- A payment of £1500 for apprentices aged 25+
This payment is made in two equal instalments, receiving 50% of the payment after 90 days of the apprenticeship and the remaining payment after 365 days. The apprenticeship must last at least one year in order to receive the full payment.
This payment does not replace the £1000 that employers already receive for hiring apprentices
You can only apply for the new apprentice payment for apprentices that started their apprenticeship between the dates mentioned above; between 1st Aug 2020 and 31st January. So, if you’re looking to hire an apprentice then now is the time.
The payment is made directly to your organisation’s bank, so get those details ready.
How you can use the payment
As opposed to the apprenticeship levy funds, the apprentice incentive payment is different in the sense that you can spend it on anything to support the costs of your organisation such as apprentice travel costs, operating costs, workplace stationery and anything else your business requires.
How to apply
After adding new apprentices to your apprenticeship service account you can apply for the incentive payment.
Check out the government guidance on incentive payments for hiring new apprentices by clicking here.
Get Government Apprenticeship Funding With SRSCC
Want to know more about SRSCC’s range of procurement and supply apprenticeships?
Or maybe you have a question about entry requirements for our procurement courses?
Find out if you are eligible for government funding on an apprenticeship with SRSCC. We’re here to help when you send us a message online.