New Wage Subsidy

New wage subsidy

It’s not just clouds that have a silver lining…!

In his Summer Statement, The Chancellor announced a new wage subsidy for apprentices recruited between 1 August 2020 and 31 January 2021. Employers will receive £2,000 for each apprentice they employ between the ages of 16-24 and £1,500 for apprentices aged 25 or over. These are on top of the existing employer incentives of £1,000 for apprentices aged between 16-18 years AND free apprenticeship training for the same age bracket if the business employs fewer than 50 staff.

You are clearly not going to recruit someone just to obtain the benefit of the grant, but it does provide an incentive if you are umming and ahhing about whether to recruit or not.

Also, given that the employer contribution required towards the tuition cost of apprenticeship training is now down to 5% of the apprenticeship funding, the above wage subsidy more than covers this 5% cost for the whole of the Level 7 ACA Apprenticeship, let alone for a Level 2, 3 or 4 Apprenticeship.

We would love the opportunity to discuss the latest apprenticeship funding that is available, along with your training objectives for the next 6 to 12 months. We can give clarity on the best ways to ensure your business has sufficient staff capacity for the future and we can also provide guidance on your recruitment and training plans.

In order to support your plans, our training provision has developed extensively over the years and we now provide:

 

We work closely with our students to ensure they are exam ready but also, and equally importantly, to ensure that they have the practical knowledge and skills to be a valuable asset to your team and your clients. We have training centres in Exeter, Plymouth, Taunton and Falmouth and since lockdown we have been able to continue our day release sessions virtually on MS Teams. We will continue to offer this even when our normal day release sessions start again in September. We use Exeter as the base for our ACA programme, for which a new cohort will start this Autumn – the only ACA training offered here in the South West.

If you would like to discuss any of the above (the new wage subsidy, training and funding), do give me a call on +44 (0)1392 244 071 or email me at [email protected]

Simon Deane BA FCA