Over a year after the levy launch, it has been revealed that the clock is ticking for levy paying businesses as there is more than £1bn in apprenticeship funding available through the apprenticeship levy which is still to be utilised.
Employers have until April 2019 to spend their funds or they will be absorbed back in to the current system, and will be utilised by SME’s looking to hire an apprentice.
Research from the Open University states that only £108m (accumulating to 8%) of the money available through the collection of the apprenticeship levy has been withdrawn by businesses across the UK.
If businesses choose to spend at the same current rate, then it has been reported that they risk losing as much as a collective £139m per month as of April 2019.
In January 2018, 16,700 people started an apprenticeship and only 6,200 of these were supported by the apprenticeship levy funding.
Kam Penglin, Head of Business Development commented;
“It is in the Employer’s best interest to utilise their levy funds in order to support apprenticeship recruitment to attract new talent but also to up-skill their current workforces to unleash talent and provide routes to progression. Employers can now transfer 25% of their levy funds to their Supply Chain if they wish to do so.”
CT Skills offer apprenticeships within key areas of any business including Accountancy, Business Administration, Customer Service, Leadership & Management and Human Resources.
If you would like to have an informal discussion about utilising or transferring your levy funds then please contact Kam Penglin on 07779 411838 or email: firstname.lastname@example.org