The Welsh Government have announced to aid their COVID recovery plans they will invest £18.7m into the Employer Incentive Scheme, running until September 30th, to support businesses and workers recover from the impact of the pandemic.
The Employer Incentive Scheme originally launched in autumn 2020, and have created more than 1,300 new recruited apprentices. The updated news now means businesses will be able to claim up to £4000 for each new apprentice they hire under the age of 25 – an increase from the previous £3,000 grant that was on offer.
The incentive is available to those employers who hire a young apprentice for at least 30 hours a week.
Welsh businesses could also receive a further £2000 for each new apprentice under 25 they employ, for less than 30 hours a week, which marks an increase of £500.
The Employer Incentive Scheme recognises the economic impact of COVID and how people under the age of 25 can aid its recovery.
The welsh government haven’t forgotten those over 25, businesses will have access to £2000 for each new apprentice they hire on a 30 or more hour contract, plus £1000 for apprentices working below 30 hours.
The incentive is capped to ten learners per business, meaning that there is a potential of over £40,000 should businesses hire the maximum amount of apprentices.
This incentive has helped the welsh government reach its target of creating 100,000 apprenticeships and this number will continue to grow with the prospect of additional money.
The government’s Finance Minister Rebecca Evans said: “The additional funding we’re announcing today, which includes £8.7m to support the extension of the Employer Incentives Scheme, will continue to support employers to recruit apprentices and young people who have been hardest hit by the pandemic.”
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