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Apprenticeship fee cut by half

 

If you are a small business, the good news is that you only have to pay half the apprenticeship contributions halved, a fee which has been cut from 10% to 5% according to this years Autumn Budget.

Chancellor Philip Hammond announced this on the 29th October during his address at the House of Commons. He pointed out that ‘small businesses will have their necessary contributions for apprenticeships halved from 10% to 5%’.

During his speech he said, Mr Hammond said: “As well as backing businesses to invest and grow, we will also make sure British workers are equipped with the skills they need to thrive and prosper.”

“We’ve introduced a new system of T-level vocational training, introduced the first £100 million into the new national retraining scheme and through the apprenticeship levy we are delivering three million new high quality apprenticeships in this parliament.

“That system is paid for by employers and it has to work for employers.

“Today, in addition to the flexibilities I announced earlier this month, I can announce that for smaller firms taking on apprentices we will halve the amount they have to contribute from 10 per cent to 5 per cent.

“In total this is a £695 million package to support apprenticeships.”

Sources: www.feweek.co.uk

www.citywire.co.uk

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