This amount can enhanced by tapping into a partnership between MTC Apprenticeships and Lloyds Bank, while SMEs with fewer than 50 employees can apply to receive up to a further £4,200 towards their apprentice’s wages through MTC Apprenticeships’ SME Salary Support Scheme. Employers with a payroll of more than £3m can use their apprenticeship levy to cover training costs.
MTC says that combing these schemes can significantly offset the cost of employing an apprentice for their first year.
As part of the Chancellor’s plans to help the UK economy to recover from Covid-19, businesses now receive a bonus payment of £3,000 per new apprentice hired until September 30, 2021, regardless of age. This is in addition to the £1,000 payment for apprentices aged 16–18, so some employers will receive £4,000.
“Apprentices are set to be instrumental in supporting Britain’s economic recovery from the Covid-19 pandemic,” says David Hughes, managing director of MTC Apprenticeships. “As the country begins to re-open after the third national lockdown, manufacturers need to ensure their workforces can meet demand and support their future growth.
“The improved scheme is a fantastic opportunity for businesses of all sizes to take advantage of the benefits apprentices offer,” he adds. “Apprenticeships are already a cost-effective way to attract enthusiastic, motivated, new talent, helping businesses to future-proof their workforce and reinvigorate current staff, as well as enabling firms to retain existing expertise by passing on knowledge and skills to the next generation.”
Combined incentives are making it more attractive for manufacturers to take on apprentices
The MTC reports that it received a record number of applications for apprenticeships last year.
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