Apprenticeships are funded through either of the following 2 ways:
- The Apprenticeship Levy
- Co-funded by the employer and the Education & Skills Funding Agency (ESFA)
Apprenticeship Levy Funding
Employer’s with a payroll over £3m in England pay a 0.5% levy each month through their PAYE. These funds are collected and held in an online apprenticeship service account only to be accessed by the employer for funding Apprenticeships in their business.
Working with our experienced team, we can ensure you maximise the return on your levy funds. We will ensure your apprentices will receive the training they require to progress in their roles and boost your company’s performance and productivity.
Co-funding Apprenticeships between the employer and ESFA (Non-Levy)
Employers with a payroll below £3m in England jointly co-fund apprentices in their business. The ESFA contributes 90% of the funding for the apprenticeship and the employer contributes just 10%.
For any new apprenticeships starting after 1 April 2019 this changes to a 95% contribution from the ESFA and just a 5% contribution from the employer.
Contact us now to take advantage of this excellent funding opportunity so your business can begin to benefit from Apprenticeships straight away.
The European Social Fund also co-funds all Apprenticeship delivery in the UK.