Introduced in 2017, the apprenticeship levy is payable by any business with an annual payroll bill over £3 million.
Funds in your LEVY account can only be used to fund apprenticeship training for your employees. In an industry where skill shortages are prevalent, utilising these funds allows you the opportunity to accelerate retention, recruitment, and succession planning strategies. Logistics UK can work with you to create development and career paths for existing employees and identify opportunities for new team members.
Small employers with a total annual pay bill of less than £3 million – pay just 5% of the cost of their apprenticeship training and the Government pays the rest. Apprentices aged 16-18 will be eligible for 100% funding for the total agreed price of the training. Apprentices aged 19 to 24 with an education, health and care plan provided by their local authority or who have been in the care of their local authority will be eligible for 100% funding.
If your business pays into the levy, but you need help understanding how this helps you, contact us today. We can also advise on grants available for young people and care leavers.
LEVY funds expire after 24 months! If you want to discuss transferring 25% of your funds to support other businesses, please contact us for information. Alternatively, transferring LEVY funds.
View our employer information page for more guidance on apprenticeships, including our employer handbook, the levy and using your digital apprenticeship account.