- Sustainable source of funding
- The apprenticeship levy came into effect 6th April 2017
- UK Employers in both private and public sectors with an annual pay bill in excess of £3 million are required to pay 0.5% of the entire pay bill.
- Those with a pay bill of less than £3 million won’t pay anything, but will still be able to access funds to pay for apprenticeship training through the co-investment model.
- Payments will work on a first-in, first-out basis, and will be taken from the funds that enter the account first. Any funds not spent will expire after 24 months and will support existing apprenticeship learners, new starts with levy- paying employers who spend more than the funds available in their accounts, and apprenticeships with non-levy paying employers.
To find out more about the Apprenticeship Levy visit the GOV.UK website.