Small and medium-sized businesses are set to receive £2,000 for every young person they take on as an apprentice. This initiative aims to open more opportunities for young people in skilled careers across the country.
The payment is intended to help non-levy paying employers cover the costs associated with hiring a young apprentice. The funding will be delivered in two instalments: £1,000 after the apprentice completes 90 days, and a further £1,000 after one year, or 242 days for shorter apprenticeships.
Work and Pensions Secretary Pat McFadden stated that the government is delivering on its promise of 50,000 more youth apprenticeships. The Federation of Small Businesses (FSB) has backed the move, with Executive Director Craig Beaumont noting that financial support can make a real difference for small business owners.
Additionally, a new apprenticeships.gov.uk website has been launched to provide clear guidance for businesses on hiring apprentices, including eligibility and funding. The site also allows young people to browse opportunities and understand the application process.