In an attempt to tackle some of the everlasting effects of the coronavirus pandemic, Chancellor Sunak focussed a large proportion of the 2021 Budget unveiling plans to support businesses and individuals recover financially through a number of government support schemes, with one of those being the Self-Employment Income Support Scheme.
A significant scheme update that is designed to both aid business growth and encourage people back to work, is the latest uplift in payments for employers hiring new apprentices.
April 2021 incentive increases
After the initial announcement in the beginning of the year offering financial incentives to businesses who choose to invest in new apprentices, the government have now doubled the £1,500 contribution to £3,000 for all new apprentices hired, regardless of their age.
HMRC have stated this payment is in addition to the £1,000 employers already receive for hiring an apprentice aged 16 to 18 years old and under 25 with an education, health and care plan.
The government have also chosen to extend this fantastic scheme until the latter end of 2021, with claims being eligible right up until 31 September.
So why hire an apprentice?
Hiring an apprentice comes with a whole heap of benefits not only for the individual, but also for your business. Did you know, your apprentice doesn’t have to be a new recruit and can actually be an existing employee looking to develop their skills and knowledge in a specific area? Hiring an apprentice provides great flexibility for your business’ needs.
The government apprenticeship scheme allows you to employ individuals at all levels, ranging from entry level graduates, right through to senior individuals looking for a career change - giving you full flexibility in your recruitment process.
The benefits of hiring an apprentice for your business include;
- Funding and incentives offered by the government
- Growing of your workforce
- Improvement in overall business productivity
- Improvement in quality of service or product
- Developing of skills relevant to your organisation
- Flexible training in line with meeting your businesses needs
- Long term development and opportunity for apprentice to grow with your business
- Increased motivation of your employees
Applications for these incentive payments can be carried out from 1 June 2021 - to read more around the benefits of hiring an apprentice for your business you can visit the Apprenticeships website.
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