apprentice accountant york

The Chancellor Has Announced A New Bonus For Employers To Hire Apprentices Over The Next Six Months.

From August to January, any company that recruits a new apprentice aged 16 to 24 will receive £2,000, while those that hire new apprentices aged 25 and over will be paid £1,500.

As many companies now move towards a more familiar way of working,  this new employer Incentive helps support employers in kick-starting their businesses following the pandemic.

Now that we are starting to see many companies returning to a more familiar way of working, Apprentices have never played a more essential role in ensuring employers can thrive following the uncertainty of the past few months.

Sunak stated:

“The scale of the challenge means that a financial incentive was an absolute necessity to get more employers on board and we believe that today’s announcements will help achieve that aim. We can’t lose this generation of young people.”

The Treasury has published a “plan for jobs” document, which confirms that these payments will be in addition to the existing £1,000 incentive the government already provides for new 16 to 18 year-old apprentices, and those aged under 25 with an education, health and care plan where that applies.

This means that businesses could receive up to £3,000 for hiring 16 to 18 year old apprentices from August to January.

Even if you already employ a 16-18 year old that isn’t currently on an Apprenticeship qualification you can still take advantage of the incentives by enrolling them on a qualification.

Points to note:

  • £2000 Employer Incentive for each Apprentice aged 16 – 24.
  • Apprentices aged 25 and over will be paid £1,500.
  • Payments will be in addition to the existing £1,000 incentive the government already provides for new 16 to 18 year-old apprentices.
  • Fully funded training worth up to £15,000.
  • NMW – £4.15 p/h in the first year of the Apprenticeship.
  • No NI contributions for Apprentices.

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