Any employer in Wales, regardless of size or sector, can benefit from the four new apprenticeship incentives, which will run from 1 August 2020 to 30 September 2021.
1. Incentive Payment for Employing 16-24 Year Olds
Up to £4,000 to hire a young apprentice aged 16-24.
- This incentive applies to apprenticeships delivered at levels 2-5 only
- Payments will be restricted to ten apprentices per employer
2. Incentive Payment for Employing Apprentices Aged 25 and Over
Up to £2,000 to hire a new apprentice aged 25 and over.
- This incentive applies to apprenticeships delivered at levels 2-5 only
- Payments will be restricted to ten apprentices per employer
3. Incentive for Re-employment of Redundant Apprentices
Up to £2,600 to employers for the re-employment of redundant apprentices to allow them to complete their training.
- This incentive applies to apprenticeships delivered at levels 2-5 only
- This incentive applies to those apprentices made redundant after 23 March 2020
- The apprentice must continue to follow the same Apprenticeship Framework Pathway
4. Incentive for Employing Disabled People
Up to £1,500 to employers for each new apprentice they hire.
- This incentive applies to apprenticeships delivered at levels 2-5 only
- Payments apply to all apprentices identified as disabled, irrespective of age
- Payments can be claimed in addition to the 16-24, 25 and over and redundancy incentives
How can your business benefit from having an apprentice?
Apprenticeships enable your business to build a talent pipeline by developing current staff and introducing new members into your organisation. By offering apprenticeships you can train individuals to meet your business specific needs and requirements, heightening skills whilst your business grows.
A few of these benefits are:
- Boost productivity
- Enhance company image
- Increase diversity
- Reduce skill gaps
- Retain employees
- Promote resource efficiency
- Fresh ideas
- Positive culture
Apprenticeship programmes are tailored to the specific needs of your business with the cost of training covered, there is only minimal outlay with an apprentice wage. Leaving you to sustainably expand your business, adding value to enhance the creative mix with qualified teams for present and future successes.
To read more about the benefits for apprenticeships, whether as an individual or a business, please click here.
If your business would like to take on an apprentice, please click here to contact us