£3000 Incentive payment for recruiting Accountancy & Finance Apprentices
18th June 2021
Applications for the increased incentive payment for hiring a new apprentice are now open! Employers will receive £3,000 for new apprentices of any age Level 2, 3, 4 & 7 Apprenticeship schemes for the AAT, ACCA, CIMA, ICAEW, CTA & ATT Qualifications
Following the Chancellor of the Exchequer’s announcement in April 2021, for eligible apprentices of any age who start employment from 1 April 2021 to 30 September 2021, employers will receive £3,000. You can apply for incentive payments for these apprentices from 1 June 2021 to 30 November 2021.
The incentive payment is in addition to the £1,000 employers already receive for hiring an apprentice:
- aged 16 to 18 years old
- under 25 with an education, health and care plan or who has been in the care of their local authority
- apprentices will have an additional two months after the deadline of 30 September 2021 (until 30 November 2021) to start their training programme. This is to allow for probationary periods and sign-up processes to occur.
Furthermore, employers will also receive a National Insurance exemption if the apprentice is aged under 25 and a 95 subsidy of the training costs (if not paying via the apprenticeship levy). Levy paying employers can utilise their levy pots.
It is also worth being aware that non-levy employers can now reserve apprenticeship funds up to six months in advance. This means that employers who do not pay the Apprenticeship Levy are already able to reserve funds for their Autumn intake of new starts.
These incentives are claimed on the Digital Apprenticeship Service, so you will need your organisation’s bank details so the ESFA can pay your organisation directly.