If you are on this page, chances are you are looking to hire apprentices for your company. Since it costs money to train and remunerate apprentices, employers want to know if they can get payment for apprentices. In this article, we are going to answer this question. Read on to find out more.
You can receive funding from the government for having payment for apprentices in your company. You can submit your application for fresh apprentices who started working for you starting from April 1st, 2021. To receive payments, you have to create an apprenticeship service account.
For hiring an apprentice, you will receive a monthly amount of £1,000. You will also receive incentive payments apart from the monthly payments. You will get paid for hiring apprentices:
There is a difference between this payment for apprentices and apprenticeship levy funds. Therefore, you can use the funds to cover the costs of your organization. For instance, you can spend the money on the salary, commute, and uniforms of your apprentices. And the good news is that you don’t need to pay it back.
You can apply for funding for fresh apprentices who became apprentices between April 1st, 2021, and September 30th, 2021. You cannot get paid for those apprentices who joined your company before April 1st, 2021.
If you want to get paid, you need to apply for every eligible apprentice. For this purpose, you have to use your apprenticeship service account by adding the apprentices to this account. And you need to apply before November 30th, 2021. After this deadline, no application will be accepted.
Payment
You will receive payments for having apprentices once the details of your organisation and finance have been verified. This process can take as many as 80 Days. Once the process is complete, the concerned authority will notify you.
You will receive the payment for each apprentice in two installments of the same amount. You will receive the first installment once an apprentice has completed 3 months of their apprenticeship. You will receive the second installment after 365 days once you take on an apprentice.
You will receive the payments on the 14th business day of the month, and the processing of the funds takes three working days.
After your application submission, you can check the status, estimated payment dates, and the applications in your apprenticeship service account.
In short, you will get paid for hiring apprentices if you meet a few requirements described in this article. Hopefully, this article will help you make an informed decision.