Lancashire Levy Transfer Network
The Lancashire Levy Transfer Network was created to help big businesses transfer their unused apprenticeship funds to the smaller SME’s in the area.
So far the network gained £500.000 of support from many organisations such as Bespak, Boohoo, Burnley Borough Council, Futaba Manufacturing, Lancaster University, Lancashire County Council, Myerscough College, Rapid Recruit, Royal Mail and University of Central Lancashire.
Apprenticeship Levy rules
The transfer network aims to redistribute the funds gained from the apprenticeship levy fee – required to be paid by public and private businesses with a wage bill over £3million. These big organisations can transfer up to 25% of the levy funding to other employers. If the funds aren’t transferred, the money is being retained by the government.
Benefits Of The Levy Transfer Network
The network provides a great way to match-up businesses to support the local economy and apprenticeship programmes. The levy-fee payers can invest 25% of their levy fees into the local economy instead of the central government’s money pot. As a result the opportunities created because of these funds are retained within the Lancashire region.
How Does it Work?
Firstly, the businesses have to agree to donate their unused levy credit to the smaller employers.
After this agreement has been made – the business can choose who will receive the funding. This can be a smaller business within the company’s supply chain or any business of their choice based in Lancashire.
Then, The company can nominate their chosen employer through the Digital Apprenticeship Service. The chosen employer then agrees to accept the funding and uses it to upskill and train their employees.
In order to gain more information visit Lancashire Levy Transfer Network Website here
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