The apprentice government support scheme has received a huge boost which business owners should take advantage of!
The scheme has changed – meaning that small businesses can now get a £3000 payment for every apprentice they hire, regardless of their age.
In this blog we’ll outline the details you need to know about this incentive.
Who Can Be An Apprentice?
Small businesses that hire an apprentice will now get £3,000, regardless of their age.
Initially this incentive saw businesses receive £2,000 for apprentices aged 16 to 24, and £1,500 for apprentices aged 25 and over.
However, uptake was low (even with the incentives) with just 25,420 employers submitting a claim. The Treasury had budgeted for up to 100,000 payments towards this scheme, so are a long way off.
All of this information has led the chancellor to boost the amount to £3,000 per apprentice at the latest Budget announcement.
How Long Is This Incentive Available For?
The extra incentive will begin in April and end in September 2021.
Remember, this new incentive is on top of the £1,000 payment that businesses are provided for new apprentices aged 16-18.
In total this means that some employers could get £4,000 in total for hiring an apprentice.
Good News For All
Reports show that young people are the most at risk of unemployment, as businesses struggle to find the cash to pay their workers, let alone hire young talent.
This scheme will be good news for young people, as extra uptake is expected after the latest announcements.
Businesses will also be boosted by the opportunity to expand their teams, whilst receiving a financial boost at the same time.
Rishi Sunak said: “Our Plan for Jobs has spread opportunity and hope throughout the crisis – helping people back into work and harnessing their talents for the future.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping job seekers and employers alike.”
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