UK manufacturers can access up to £8,200 per apprentice

The organisation's SME salary support scheme and doubled government incentives mean MTC employer partners can receive up to £8,200 for hiring a new engineering apprentice.

In the latest Budget from the chancellor Rishi Sunak, the government doubled and extended the financial incentives available to support employers who create new jobs for apprentices, incentivising workforce growth and helping to minimise unemployment.

As part of the chancellor’s plans to aid the UK economy’s COVID-19 recovery, businesses will now receive a bonus payment of £3,000 per new apprentice hired until 30^th September, regardless of age. This is in addition to the £1,000 payment for apprentices aged 16 to 18, meaning that some employers will receive a total of £4,000.

Firms can already access of a range of funds and financial incentives to support the employment of an apprentice. UK employers with a payroll of more than £3 million can use their apprenticeship levy to cover training costs, while eligible smaller businesses can access a levy transfer fund created through an exclusive partnership between MTC Apprenticeships and Lloyds Bank to fund their apprentice’s training.

In addition, SMEs with fewer than 50 employees can apply to receive up to a further £4,200 towards their apprentice’s wages through MTC Apprenticeships’ SME Salary Support Scheme.

As well as paying for the apprenticeship training, this extra funding now takes the available support up to a maximum of £8,200, significantly offsetting the cost of employing an apprentice for the first year of their programme.

Businesses interested in MTC Apprenticeships help can register to join an SME breakfast meeting for prospective employers on 28^th April.

Managing director of MTC Apprenticeships, David Hughes, said, "Apprentices are set to be instrumental in supporting Britain’s economic recovery from the COVID-19 pandemic. As the country begins to re-open after the third national lockdown, manufacturers need to ensure their workforces can meet demand and support their future growth.”

"The improved scheme is a fantastic opportunity for businesses of all sizes to take advantage of the benefits apprentices offer.

The MTC’s advanced manufacturing apprenticeship programmes include exposure to disruptive technologies and new ways of working, empowering apprentices to help their employers to accelerate innovation and increase productivity.”

MTC www.the-amtc.co.uk