Under the current system, large employers can transfer up to 25% of their annual levy to support smaller employers to take on apprentices. The new service is set to simplify the process for both employers looking to transfer funds and businesses wanting to access funding.
From today, levy paying employers will be able to advertise their funding pledges on a dedicated gov.uk page, enabling a wider range of businesses to apply for available funds.
According to the Department for Education, this will help to address skills gaps in sectors such as construction, health, digital and the creative industries.
According to the Government, ‘By making it easier for employers to benefit from apprenticeships, the new transfer service will contribute to the levelling up agenda, supporting young people to reach their career goals. It will also mean businesses will be able to choose to target their pledges towards sectors and communities they want to support.’
You can find more information on the new transfer service here.