Are you wondering about the new Apprentice Funding subsidy the government has just announced (this is written on the 13th of March 2020) for apprentices or trainees?
Basically the government has offered to cover 50% of the wages of your apprentices or trainees. At this stage all the details are not there yet (the government needs to write the associated law and then get it through parliament first) but the basics of the proposal are;
- Government will subsidise 50% of trainees and apprentice wages paid between 1 Jan 2020 and 30 Sept 2020
- Must be a registered trainee or apprentice at 1 march 2020 (either with your business or be a returning apprentice)
- Total payment is capped at $21,000 per apprentice.
As the details come out we will keep you updated but for now if you have apprentice staff this looks like a great bonus for your business!
Update: The Apprentice Funding has been extended for another 6 months, for this second round of funding an Eligible Apprentice needs to be on your books at June 30 2020. The Scheme then operates as before with the Government paying up to 50% of eligible wages up until the end of March 2020.
For more information see the treasury caronavirus page here
If you want help getting this stuff set up for you and your business then contact our business accountants here