The Department of Economy announced today an Apprenticeship Recovery Package as part of their Apprenticeship Return, Retain and Result initiative.
Limited details have been provided today with further details due in the coming days.
The details available so far are:
- Employers will be offered £3,700 for every apprentice they return from furlough and retain until they have completed their apprenticeship. Payment will be in instalments as follows:
- £500 return from furlough payment;
- Payment up to £2,000 if apprentice retained for four months following their return from furlough;
- Final result payment of £1,200 when the apprentice completes their qualification.
- Employers will be paid £3,000 per apprentice for each new apprenticeship opportunity created between 1 April 2020 and 31 March 2021.
- Scheme will begin on 1 November 2020, when furlough ends.
- Applies to all new apprenticeship opportunities created between 1 April 2020 and 31 March 2021.
- Payment available to all employers (regardless of size) and in all sectors
The Department has also indicated that an Apprenticeship Challenge Fund will be announced later in September where successful applicants could receive one off awards of up to £50,000.
This is a very welcome development for businesses and we will keep Members updated with any further information.
The Department’s announcement can be viewed here