Boris Johnson delivers New Year boost to apprenticeships with 14m pounds
From the New Year this will mean the Apprenticeship Grant for Employers will double, helping the Mayor’s continued drive to boost apprentice numbers in London.
Starting on January 1, 2015 London companies will be able to take advantage of the enhanced Apprentice Grant for Employers (AGE) which will rise from the current limit of 1500 pounds to 3000 pounds. The funding pot for small and medium-sized businesses, which was secured by the London Enterprise Panel through its Growth Deal with Government, will allow employers to apply for 3,000 per apprentice they employ.
The announcement follows a trial project funded by the London Enterprise Panel last year that saw overwhelming demand for the increased grant in London. It is estimated that the funding boost could help to create thousands of new apprenticeship places in London.
The news comes as the most recent employment statistics show that, in the year to September 2014, private sector employment was up by 5.4 per cent in the capital, compared with 3.6 per cent in the UK as a whole.
In London there are more than 900,000 private sector small and medium-sized businesses with a combined turnover of over 460 billion pounds. The Mayor believes that these companies are central to the continued strength of the capital’s economy and to ensuring that young Londoners in search of work are helped on to the career ladder.
The investment forms part of a wider package of funding provided by the Mayor and the London Enterprise Panel to help further increase the number of apprentices in the capital.
The Mayor of London, Boris Johnson, said: "More than 20,000 workplaces in the capital are already benefiting from having apprentices in their workforce. A large proportion of these are small and medium-sized businesses but we want to help even more of these companies take on even more apprentices.
"I urge company bosses from all corners of the capital to take up this cash incentive and help young Londoners in 2015 get a foot on the ladder to success." ■