Published on: 18 December 2019Since 2017, all businesses with an annual wage bill of £3million or more have been required to pay a 0.5% tax on their wage bill and the only way to recoup this back into a business is by spending it on apprenticeship training.
However, a recent survey suggests that only half of businesses who are paying the levy are utilising the funds with 45% not accessing the money they’ve been paying in since the introduction of the levy.
With apprenticeships available in almost any occupation, from level 2 to 7 with level 8 apprenticeships in development. They provide valuable training for existing employees, as well as recruitment opportunities for businesses to engage with people who ordinarily would not have been able to apply for a particular business or role.
Due to apprenticeship reform, traditional apprenticeship frameworks (Technical Certificates or BTECs combined with an NVQ, and English, maths and ICT), are now being replaced with new apprenticeship standards. These have been developed by Trailblazer groups of employers, who employ apprentices in the sectors they are developing an apprenticeship for.
Since 2015, British Marine has worked with industry to help facilitate the development of more new robust apprenticeships, including boatbuilding, marine engineering and marina and boatyard operative apprenticeships.
Currently, British Marine, in partnership with the Trailblazer group, is working on the marine electrician apprenticeship standard.
Levy paying employers can use the funds they pay in to utilise these apprenticeships, as well as other apprenticeships which would benefit their business (e.g. finance, marketing, project management, solicitor etc).
Employers who do not pay into the levy can benefit from 95% Government co-investment, meaning they could receive £27,000 worth of apprenticeship training for just £1,350.
British Marine members can obtain advice and guidance on funding for apprenticeships (as a levy or non-levy paying employer) by contacting the British Marine Training team on email@example.com.