PM Announcement : BIG News for Apprenticeships

Posted: Monday, 18 March 2024 @ 12:44

Today's announcement by the PM at the Business Connect Conference in Warwickshire marks a significant step forward in the government's commitment to apprenticeships.

The substantial changes in funding for small and medium-sized enterprises (SMEs) are set to come into effect in just two weeks’ time in line with the changes to the National Minimum Wage. The highlights from today’s announcement:

  • The government has committed an additional £60 million to generate 20,000 new apprenticeships, underlining its dedication to nurturing young talent.
  • From 1st April 2024, the Government will fully fund apprenticeships for non-levy paying organisations, paying the full cost of training for anyone up to the age of 21.
  • From 6th April 2024 levy employers will be able to transfer up to 50% of their remaining levy funds to other organisations. This increases the levy transfer threshold from 25%.

These plans are aimed at reducing costs and burdens for businesses and delivering more opportunities for young people to kick start their careers.

Sunak launched Business Connect last year which is an initiative aimed at creating a platform for SME’s to better engage with the government. These measures aim to alleviate financial pressures on businesses and create a positive environment for young individuals to embark on their career journeys.

Now more than ever is a great time to consider how apprenticeships can support your business to grow.