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Apprenticeship funding for employers is available from the government to assist in covering the costs of advanced, higher and degree apprenticeships. Larger businesses can use their apprenticeship levy and smaller businesses can fund as little as 5% of the apprenticeship with government help.
The Government operates an Apprenticeship Service which allows employers access to an online portal, from which they can easily select and pay for apprenticeship development. Funding available is determined by the apprenticeship levy, with the levy only applying to businesses with an average wage bill over £3 million.
If your company has an annual wage bill over £3 million, you'll pay an apprenticeship levy which is 0.5% of your total wage bill, minus a £15,000 levy allowance. This is paid monthly into the Digital Apprenticeship System and funds are topped up by 10% by the Government. Funds are redeemable through employing apprentices which can be new or existing employees of the company.
If your company doesn't have an annual wage bill over £3 million, the Government will fund up to 95% of apprenticeship fees up to the funding band maximum for all new starts. If your company has less than 50 employees, you can receive 100% apprenticeship funding for learners aged 16-19.
To find out more information about our apprenticeships, please get in touch by emailing us at apprenticeships@sunderland.ac.uk.