IoD Member and Founder of S Potter Talent, Sue Potter explains everything you need to know about Levy-Funding
Did you know?
1. The apprenticeship levy was implemented on 6th April 2017, to support the Government’s commitment to improving productivity by increasing the quantity and quality of apprenticeships and their commitment of 3 million apprentices by 2020
2. All UK employers in the public and private sector with a pay bill of £3 million have to pay 0.5% on their annual pay bill into their levy fund
3. Levy payers can transfer up to 10% (increasing to 25% April 2019) of the unused levy fund to non-levy paying companies, which can be used to pay for training and assessment of new starters
4. Non-levy payers (known as co-investment) can benefit from only having to pay 10% (decreasing to 5% April 2019) of the cost of an apprenticeship standard
5. The Government will waive the co-investment requirement if you employ less than 50 employees and the apprentice is 16-18 years old or an eligible 19-24 year old (formerly in care or have an education and health care plan)
6. If you recruit a 16-18 year old apprentice you will also receive a £1,000 incentive payment. Paid in two halves at 3 and 12 months
7. Apprenticeship are open to everyone, whether you are a school leaver, improving your current skill set or looking to retrain and start a new career
Sue Potter set up SPotter Talent as a consultancy with a vision to create learning cultures within business, and a mission to motivate, inspire and empower people to do things they never thought were possible.
With over 10 years’ experience in leading apprenticeship programmes, Sue is a strong advocate for apprenticeships, and wants to spread the word to non-levy payers that they can tap into the levy funding.
If you would like to find out how Sue can help your business, get in contact with her via email: email@example.com
, telephone 07486 073844 or via her website www.spottertalent.com