The apprenticeship levy came into force this April, which made it a legal requirement for large employers with an annual pay bill of over £3million to pay 0.5% of their pay bill into a digital levy account.
According to research by the Education & Skills Funding Agency, higher apprentices could earn £150,000 more on average over their lifetime compared to those with level 3 vocational qualifications, causing the Government to turn their attention to the introduction of a levy to improve alternative routes into the workforce. Conversely, entering a company at graduate level doesn’t mean career stability anymore – nor can it guarantee it will pay off mounting debts.
