Fund to support young into work tops £20 million milestone
A scheme set up by the West Midlands Combined Authority to fund apprenticeship training for small and medium-sized firms has passed the £20 million milestone.
The Apprenticeship Levy Transfer Fund enables large employers to pledge their unspent levy to fund the training of apprentices at SMEs in the West Midlands – boosting the region’s economic recovery from the Covid-19 pandemic.
A total of £21m has now been pledged to the scheme and to date, 1,840 apprentices at 613 businesses have benefited from the fund over the past two years.
The fund keeps levy money within the West Midlands, boosting skills, job opportunities and productivity by supporting more young people and adults of all ages into work.
Andy Street, the Mayor of the West Midlands and former managing director of John Lewis, said: “Even in these difficult times, we know there are still hundreds of apprenticeship opportunities in our region, with many of these in growth sectors such as digital and construction.
“Thanks to large organisations donating their unspent levy, we’re creating new job opportunities at companies who may otherwise have been unable to hire apprentices, and equipping local people with the skills employers need - both now and in the future. This applies particularly to young people, who we know have been hardest hit by the coronavirus pandemic.
“With National Apprenticeship Week, it’s an ideal time for large employers in the West Midlands that haven’t spent all their apprenticeship levy, or SMEs thinking about taking on new apprentices, to get in touch with us and find out how we can help you get people into work.”
Lloyds Banking Group was one of the first large employers to join the Apprenticeship Levy Transfer Fund with a pledge of £3m – one of the biggest contributions to date.
