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.
This content is correct at time of publication
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