Making the most of the levy
In April 2017 the way the Government funds apprenticeships in England changed, and employers with a wage bill of more than £3million per annum will be required to contribute to a new apprenticeship levy.
It’s a huge reform to raise the skills of the nation and address one of the enduring weaknesses of the British economy. The goal is to reach 3 million apprenticeships by 2020 and secure greater benefits from apprenticeships for more apprentices, employers and the economy.
Apprenticeships are jobs with training attached to them which allow existing and new employees to earn while they learn whilst gaining a nationally recognised qualification.
Whether you pay the levy or not, PeoplePlus are in a prime position to navigate you through the changes that have happened.
If your yearly pay bill is £3million or over, your levy will be 0.5%. There will also be a £15,000 allowance that will be offset against your levy liability. The levy amount will be topped up by an additional 10% by the government.