Apprenticeships are a skill development programme for young people aged 16 and over, lasting a minimum of one year up to four years. They are paid and must follow the minimum wage laws set by the government. Businesses with revenues of over £3 million each year pay the apprenticeship levy, which funds the training. This is paid at a rate of 0.5% of an employer’s annual pay bill. Apprenticeship schemes are an opportunity for young people to earn money and learn a trade or job skill at the same time, while also allowing employers to recruit talent at an early stage in their career. It is possible for apprentices to reach foundation degree and degree level qualifications by taking higher and degree apprenticeships.
Financial services employers have been urged to come forward and stake their claim for new apprenticeship funding announced by the...