If you have a wage bill of more than £3m, then the cost of training will be funded through your Levy pot, this can be accessed through your Digital Apprenticeship Account, which our advisers can assist you with. We can also provide guidance on how employers can maximise their levy pot and meet corporate and social responsibility objectives through targeted levy spend.
If you do not have a wage bill of more than £3m or over, you will only have to pay 5% of the training costs and the Government will pay the remaining 95%. As an example, if you were looking at having a Business Administration Level 3 apprentice the training would cost only £250, if you were looking at a Masters in Leadership Level 7 the training cost would only amount to £1350.
Employers may also be entitled to additional benefits including:
- £1000 for each apprentice recruited that is 16-18 years old
- £1000 for each apprentice recruited that is 19-24 and has an Education, Health and care plan
- Employers with fewer than 50 employees that recruit a 16-18 year old will not only receive the £1000 incentive, but their 5% training costs are waived
- Employers are exempt from paying NI contributions for all apprentices under the age of 25 as long as their earnings are below the higher tax rate