Financial Services Apprenticeships
Employers pay just 5% towards apprenticeship training
18 April 2019
From 1st April 2019, the rate of employer contributions paid towards apprenticeships has been halved.
The changes mean that non-levy paying employers who share the cost of apprenticeships with the government under a co-investment will now benefit from paying a reduced rate of just 5%, while the government will pay the remaining 95% contribution towards the apprenticeship training and assessment costs, up to the funding band maximum.
This is great news for employers, creating an attractive incentive to use apprenticeships to boost the skillset of their employees and help their businesses grow with only a minimal cost to them. An apprentice can be recruited, helping employers obtain fresh talent, or an existing employee can be put on to programme, giving someone who understands how your company works a helping hand to upskill and ultimately improve your business. For smaller companies who do not pay into the levy fund, this reduction in contribution makes the possibility of developing a strong skilled, highly qualified workforce more realistic.
Simply Academy are specialists in financial training and apprenticeships with a wealth of industry knowledge and expertise. Not only do we provide expert training to complete our industry recognised apprenticeship programmes, but we also help with recruitment and funding to ensure your apprentice becomes a fully qualified, invaluable member of your organisation. For more information on the funding reduction, or to start the apprenticeship process for your business, please contact our team – [email protected] or call 0808 208 0002 (freephone).Back to News