Employers with an annual payroll of more than £3 million pay the Government’s Apprenticeship Levy at a rate of 0.5 percent of payroll. This levy payment is then stored in a digital account that organisations may use to cover the expenses of apprenticeship training with recognised providers. Smaller businesses can also profit, as the government will cover 90% of the cost of apprenticeships for companies that do not pay the tax.
LUMS now offers two Level 7 Leadership Degree Apprenticeship Programs that are eligible for funding through this levy. These are an excellent addition to an organization’s leadership development plan for creating and keeping talent, since participants get practical tools to contribute to organisational success while also advancing their professional growth. These apprenticeships are appropriate for managers who are already functioning at a high level in their organisation or who aspire to do so in the coming years.
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