Posted: Monday, 18 March 2024 @ 12:44
Today's
announcement by the PM at the Business Connect Conference in Warwickshire marks a significant
step forward in the government's commitment to apprenticeships.
The substantial
changes in funding for small and medium-sized enterprises (SMEs) are set to come
into effect in just two weeks’ time in line with the changes to the National Minimum Wage.
The
highlights from today’s announcement:
- The government has committed an
additional £60 million to generate 20,000 new apprenticeships, underlining its
dedication to nurturing young talent.
- From 1st April 2024, the Government will fully fund
apprenticeships for non-levy paying organisations, paying the full cost of
training for anyone up to the age of 21.
- From 6th April 2024 levy employers will be able to transfer
up to 50% of their remaining levy funds to other organisations. This increases
the levy transfer threshold from 25%.
These
plans are aimed at reducing costs and burdens for businesses and delivering
more opportunities for young people to kick start their careers.
Sunak
launched Business Connect last year which is an initiative aimed at creating a
platform for SME’s to better engage with the government.
These measures aim to alleviate financial pressures
on businesses and create a positive environment for young individuals to embark
on their career journeys.
Now more than ever is a great time to consider how
apprenticeships can support your business to grow.
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