Apprenticeships – new financial support

The Government has introduced new financial support for businesses in England who hire a new apprentices between 1 August 2020 and 31 January 2021.

When a business hires an apprentice they will now receive £2,000 for those aged between 16 and 24, and £1,500 for those over 25. This payment is in addition to the existing £1,000 that employers already receive for taking on an apprentice who is aged 16 to 18 years old or under 25 and has an education, health and care plan or has been in the care of their local authority.

Businesses can apply from 1 September 2020, and spend the payment on anything required to support the company.

Businesses could also be eligible for incentive payments for hiring a new apprentice who’s been made redundant, as long as they’re new to the business.

These payments do not extend to Wales, however the Welsh Government has pledged to support everyone to find work, education or training and have a £40m skills and jobs fund which has been designed to incentivise employers to take on and train new workers, including apprentices and young people.