From 1 August 2020 – 31 Jan 2021, Businesses will be given £2,000 for each new apprentice they hire under the age of 25, and £1500 for every new apprentice over the age of 25.
If your business has more than 50 employees, then you pay just 5% of the apprenticeship training costs, with the government funding the remaining 95% of the training costs.
Additional payments of up to £1,000 will be made to all employers, regardless of size, taking on an apprentice aged 16-18 or 19-24 if they have an Education, Health and Care plan. The first payment of £500 is made once the apprentice has been on programme for 90 days, and the remaining £500 is paid once the apprentice has completed their first year. In some cases this will be in addition to the additional £2000 grant.
Employers of apprentices under the age of 25 do not pay National Insurance employer contributions for their apprentices.
For more information on the grant and how to apply. Please visit: https://www.gov.uk/employing-an-apprentice/get-funding