Last week’s announcement by Chancellor Rishi Sunak outlined over £30Bn of support for employers. Our Business Plus team has been working out what this means for you and how you can maximise the opportunity for your business.
A wide range of support is available as part of the Plan for Jobs policy that we can support you to access. Take a look at the highlights below:
Up to £3,000 per new Apprentice
Employers hiring a new apprentice, regardless of age, will receive funding to support.
From the 1st August to 31st January, the government will pay:
- £2,000 for any new apprentice hired aged under 25 years
- £1,500 for any new apprentice aged over 25 years.
This is in addition to £1,000 for any new 16-18 year olds that starts an Apprenticeship with you.
£1,000 Job Retention Bonus
Organisations with staff currently on furlough can access a one-off payment of £1,000 to support salary costs. You will need to commit to employing them up until January 2021. Apprentices on furlough are still eligible to complete their training, ensuring they are ready when the time is right to bring them back into your organisation and support your recovery and growth.
Offer Work Experience and receive £1,000
With 50% of college leavers not going to University, Fareham College is supporting young people to move forwards. Help young people’s futures by offering a work experience placement as part of our Traineeship programme and receive a £1,000 payment.
Reduce Apprenticeship training costs to £0
If you currently contribute 5% to your Apprenticeship training costs, our levy transfer scheme could cover this cost. Funding rules apply.
Kick Start for unemployed with wages covered for 6 months
A new £2 billion Kickstart Scheme will be launched to create hundreds of thousands of new, fully subsidised jobs for young people across the country. Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding will cover 100% of the National Minimum Wage for 25 hours a week, over 6 months. Training will need to be a core component to be eligible.
We’re here to help you access these opportunities. Take a moment to express your interest below and we will be in touch to support you and your business.