The UK Prime Minister, Rishi Sunak, recently announced a reform package designed to provide additional support for employers looking to provide apprenticeships and remove red tape.
As of 1 April 2024, the government will fully fund apprenticeships in SMEs by removing co-investment from employers and instead paying the full cost of training for anyone under the age of 22.
The £60 million investment is set to enable up to 20,000 more apprenticeships to be created, removing additional costs for businesses and creating more accessible career opportunities for those starting out.
From 6 April 2024, levy-paying employers will also be able to pass on more funding to other businesses. This means that large employers who pay the apprenticeship levy will be able to transfer up to 50 per cent of their funds to help other firms, including smaller employers, to take on apprentices.
Here at JTL, we partner with businesses of all sizes and are well-equipped to help employers make the most of apprenticeship funding.
Reduced costs and increased opportunities
One of the most significant changes is the government’s commitment to fully fund apprenticeships for young people (under 22 years old) in SMEs from 1 April 2024. This means eligible employers will no longer need to contribute towards training costs, freeing up valuable resources and making apprenticeships a more attractive option for business.
More time to focus on your business
The reforms also streamline the funding process, eliminating the need for businesses to source funding separately. This translates to less time spent on paperwork and administration, allowing employers to focus more on what they want to – getting on with business.
Readily available opportunities
Increased accessibility for SMEs will lead to a rise in apprenticeship opportunities across the UK. This means more ways to gain valuable skills and qualifications through on-the-job training – boosting local economies and creating a win-win situation for everyone.
Partnering with SMEs
At JTL, we have a proven track record of helping employers reap the benefits that apprenticeships provide. We offer a wide range of programmes across various sectors, ensuring you find the perfect fit for your business needs.
There’s never been a better time to consider taking on an apprentice. JTL is here every step of the way, guiding businesses through the process so that both the employer and apprentice thrive. Find out how we can help your business.
