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Find out what apprenticeships and the levy mean for your business, and how we can work with you to maximise apprenticeship opportunities in your organisation.
Financial services apprenticeships are a great way for you to nurture your existing staff as well as to recruit new talent. Combining a mix of technical knowledge, professional experience and relevant work-based skills, apprenticeships enable your employees to study towards sector-leading, recognised professional qualifications and degree programmes in banking and finance which are supported by the Government.
The aim of the apprenticeship levy is to support quality training by putting employers at the centre of the system. The levy gives employers control of apprenticeship funding.
If you are a UK employer with an annual PAYE bill of over £3 million, then you will be paying the apprenticeship levy, charged at 0.5 per cent. The levy is taken monthly by the HMRC and transferred into your online account with the Apprenticeship Service.
If you’re a UK employer with an annual PAYE bill of £3million, you’ll need to pay the apprenticeship levy.
If you’re a UK employer that pays less than £3million in their annual PAYE bill, you won’t need to pay the apprenticeship levy.
Less than 2% of UK employers pay the levy. So, if you are a non-levy paying organisation at least 95% of your apprenticeship training and assessment costs in England will be paid for by the Government. The Government will then ask you to make a 5% contribution to the cost. As a non-levy payer, you won’t use the online Apprenticeship Service. Instead, you’ll agree on a payment schedule with your training provider and pay them directly.
There are three questions you’ll need to ask yourself:
Groups of employers (known as ‘Trailblazers’) work together to design Apprenticeship Standards for occupations in different sectors.
The standards focus on the knowledge, skills and behaviours an employee should have to be successful in a specific role. Usually, they ask that apprentices complete an industry-relevant qualification.
An apprentice must:
We can work with you to co-design apprenticeship programmes, support your apprentices to study our qualifications and guide you through all aspects of the apprenticeship process.
Read our tips on what you should think about before recruiting apprentices and steps on how to launch a successful apprenticeship programme.