Additionally to this, around £37 million has been “clawed” back from the Government after two months of unused Levy Funds becoming expired and an investigation into this shows that there are many SMEs and small businesses that may be entitled to funding and not realise it – even if they don’t pay the levy.
This number is a huge amount of money that is simply not being used by employers, as it not only impacts levy paying and non-levy paying companies but also the trainers and providers of which rely on this.
Levy-paying employers – those with a payroll of £3 million + pay into the pot. They then have 24 months in which to spend it. Once they have passed this time, the funds expire on a monthly basis.
Today, we face vast skills gaps and with apprenticeships being a key solution to solving the skill-gap crisis, the levy can positively impact businesses of all sizes whilst using up finds that desperately need spending.
There has never been a better time to employ an apprentice
There were 375,800 apprenticeship starts in 2017/2018.
9 out 10 employers have said that apprentices deliver.
Many employers tend to keep apprentices on even after their apprenticeship is over.
92% of apprentices said that being an apprentice has had a positive impact on their career.
The AIM Group Foundation work alongside some of the biggest companies in the UK as well as some of the biggest training providers, if this is something you could benefit from then please get in touch.