A £1.6m transfer of Apprenticeship Levy funds from large firms to smaller ones, facilitated by the Liverpool city region Skills Brokerage Services, will benefit businesses to the tune of £43m
Firms across Liverpool city region are set to benefit to the tune of £43m thanks to £1.6m transferred from larger companies to smaller ones under the Apprenticeship Levy scheme.
The Skills Brokerage Service, a valuable free resource set up to ensure employers have the right skills within their business, has facilitated the transfer of the funds which has supported employers to hire almost 400 apprentices.
The return on that investment is estimated to be in the region of £43m. The Skills Brokerage Service is funded by the European Social Fund & LCR Strategic Investment Fund.
In the last few months alone, the Skills Brokerage Service has secured Apprenticeship Levy funding for six employers in the Liverpool city region to a value of £355,000, allowing them to take on 91 apprentices.
The Apprenticeship Levy is paid by businesses with an annual wage bill of £3m or more and can only be used for apprenticeship training and assessment. Any payments not used within 24 months are recovered by central government.
However, levy-paying employers can transfer up to 25% of their contributions to support the apprenticeship needs of other businesses who do not have access directly to levy funds.
Businesses across the city region that have transferred their levy to smaller firms include Liverpool Football Club, Liverpool John Moores University, Liverpool University Hospitals NHS Foundation Trust and Kirkby-based home shopping giant QVC.
The Skills Brokerage Service have also received a pledge for £100,000 from power giant EON to fund green apprenticeships, women into STEM apprenticeships, supporting those within diversity on to an apprenticeship and those on to construction.
Joe Keegan, Team Leader for the Skills Brokerage Service added: “Apprenticeship Levy transfers are a brilliant way for larger organisations to support their local communities and for smaller firms to access funding to transform their businesses through training.
“Our expert Skills Brokers are right here to talk you through that process and make it as straightforward as possible. Unused levy funds are a powerful resource to help support apprenticeships across our city region, helping employers with the skills they need to grow as well as supporting people to progress within their chosen careers.”
Our Skills Brokers provide free expert advice on training and funding and employers can find examples of the type of courses previously funded through the work undertaken by clicking here.
Skills Brokers can also support employers with free advice on how to access government incentive payments and local grants. The Be More Apprenticeship Portal also offers Liverpool City Region-based employers the opportunity to advertise their apprenticeship vacancies for free.