6th October 2021
On 5th March 2021, the 2021 Budget announcement by the Chancellor, Rishi Sunak, detailed how we are to financially recover from the pandemic this year and over the coming years.
Part of this budget announcement focused on businesses and apprenticeships with positive investment being made in this area. It was due to end but the support has recently been extended until January 2022.
Sunak promised £126m to be invested in traineeships, tripling the number of opportunities available for young people.
Traineeships are a great foundation and taste for those considering apprenticeships but also a great way for businesses to expand their workforce and nurture talent from an early stage that will become a great asset to their team.
Incentives for hiring apprentices aged 25+ will be doubled to £3,000 until January 2022.
This is both a fantastic opportunity for adults to up or reskill, and for businesses to take on more apprentices, increase productivity, and in turn – with more productivity and the greater incentive – make more profit.
To further support young people in gaining apprenticeships, an additional £1,000 incentive is available to businesses that hire apprentices aged 16-18.
This is all alongside the Kickstart Scheme which subsidises job placements for 16-24 year olds on Universal Credit. Apprenticeships and Traineeships will play a key role in supporting the return of a successful local economy as we return to normal in the new post Brexit world after Covid.
The pandemic has presented a lot of challenges to everyone, but young people have been hit hard when it comes to education and employability. However, this extra incentive is going to develop more opportunities that young people need to set themselves up for their future.
Head of Apprenticeships and Employer Engagement, Emily Tucker, said:
“It’s a challenging time for businesses, young people, and those that want to upskill but the support announced by the Chancellor will help significantly.
“At South Devon College, we have a long history of success and continuous year on year growth in these programmes. With this, the College is a fantastic source of support for employers and apprentices. It is what we and our employer partners have been very successful in, and we look forward to providing more opportunity, support and growth in the South West.”
If you are an employer and keen to learn more about how you can access these incredible opportunities, our Apprenticeship and Employer Engagement Team are here to help.