New apprenticeship levy reform for SMEs and young people

Unlocking opportunities with Paragon Skills

Exciting news surfaced this week as the government unveiled groundbreaking changes poised to reshape the apprenticeship landscape in the UK. Effective April 1st, small and medium-sized enterprise (SME) employers who aren’t levy payers will no longer bear the burden of apprenticeship training costs for 16-21 year olds. Instead, the government will fully fund the training costs for these individuals, marking the dawn of a new era of support for aspiring apprentices.

But there’s more – commencing April 6th, levy-paying employers, including those at Paragon Skills, will enjoy expanded flexibility as they can now transfer up to 50% of their funds to bolster apprenticeships in other businesses, doubling the previous limit of 25%. This heightened capacity for fund transfer is backed by a substantial £60 million investment slated for the upcoming year, ensuring sustained momentum in the apprenticeship sector. Paragon Skills recently hit a milestone, successfully accumulating £5.1 million in levy funds, and have extended support to over 1000 enthusiastic learners, enabling them to embark on transformative educational journeys. this new announcement will allow us to work closely with our employer partners to support even more learners and SMEs.

These policy adjustments signify vast opportunity. By alleviating financial obstacles for SMEs and enhancing the transferability of levy funds, the government is sparking a wave of potential for apprenticeship growth and innovation. At Paragon Skills, we fully embrace these initiatives, acknowledging the pivotal role apprenticeships play in nurturing talent, propelling economic growth, and shaping the future workforce.

As advocates of positive change, we are committed to supporting SMEs and empowering them to leverage the transformative potential of apprenticeships. Whether you’re contemplating hiring an apprentice or seeking guidance on navigating these new developments, we’re here to assist.

Contact us today at 0800 783 2545; if you are not looking to use your levy fund, email [email protected] to talk to our team about how best to use this funding for your business or even pledge it to support other smaller employers today.

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