InsightsInsight - Employment & HR - POSTED: November 26 2015
Three million new apprenticeships to be funded by employer levy
The Autumn Statement provides more information about the Apprenticeship Levy.
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The Summer Budget announced that three million new apprenticeships will be introduced by 2020. These apprenticeships are to be funded by a levy on large employers. The levy will be 0.5% of the total salary bill for the employer and comes into effect in April 2017. Only businesses with a wage bill of more than £3million will pay the levy.
It is estimated by the Government that less than 2% of employers will be impacted by the change but that the introduction of the levy will raise £3billion a year. The Office for Budget Responsibility has forecasted that the levy will reduce wage growth over the next five years by 0.7%.
Over the past few years, there has been a push by the Government about alternative training routes with more support given by them than ever before. However, there is still a lack of awareness about alternative training routes available to students and young people. You can find out more about alternative training routes in our article, Learning by Doing.
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