New Bonus for Businesses to Hire Apprentices
Chancellors Announcement for ‘Brand New Bonus For Businesses To Hire Apprentices’
Businesses that offer apprenticeships view them as beneficial to their long-term success.
Hiring an apprentice is a productive and effective way for any business to grow talent and develop a motivated, skilled and qualified workforce.
As the economy recovers from the Coronavirus (COVID-19) outbreak, apprenticeships will be more important than ever in helping businesses to recruit the right people, and develop the skills they need to respond to conditions and grow – both now and in the long-term.
The Government ‘Plan for Jobs’ Kickstart Scheme announced by Chancellor Rishi Sunak could benefit your business by giving you a payment to employ a new apprentice.
Announcing the incentives during his summer statement, Chancellor Rishi Sunak told the House of Commons: “We know apprenticeships work. Ninety-one per cent stay in work or go on to further training.”
From 1st August 2020 to 31st January 2021, any business in England that hires a new apprentice aged 16 to 24 will receive £2,000, while those that hire new apprentices aged 25 and over will receive £1,500.
These payments will be in addition to the existing £1,000 payment the government already provides for new 16-18 year-old apprentices, and those aged under 25 with an Education, Health and Care Plan.
This means that employers could receive up to £3,000 for hiring new 16 to 18 year old apprentices from 1st August 2020 to 31st January 2021.
Contact Mandy, our Business Development Director to find out how you can start an apprenticeship programme in your business today.