Small business owner? It’s less expensive to train your team than you might think…
How much does an Apprenticeship cost?
This depends on the Apprenticeship you’re considering. Each Apprenticeship has a maximum ‘funding band’ which outlines the cost of each Apprenticeship. You can find the full list on the Education & Skills Funding Agency website: https://www.gov.uk/government/publications/apprenticeship-funding-bands
How much will I have to pay for an Apprenticeship?
Non-levy paying employers share the cost of training and assessing their apprentices with the government. This is called ‘co-investment’.
In practical terms, this means that you will pay 5% towards the cost of apprenticeship training, and the Government will pay the rest (95%), up to the funding band maximum.
What does the 95% contribution pay for?
Co-investment covers the paying for apprenticeship training and assessment up to the funding band maximum. If the cost of training and assessment go over the funding band maximum, you will need to pay the difference with other funds from your own budget.
You will be responsible for costs relating to your apprentices such as wages, licenses to practise, travel and subsidiary costs, work placement programmes, or the setting up of an apprenticeship programme.
How do I pay my 5% contribution towards the cost of the Apprenticeship?
We’ll send you an invoice for the 5% contribution at the start of the Apprenticeship which is payable within 30 days.
We know our stuff…
We understand it can be confusing getting to grips with introducing an Apprentice into your business – but don’t worry, we’ve done it many times before, so if you still have questions or just want to chat something through, get in touch. We’re always happy to help.