Who are the ESFA and what do they do?
ESFA stands for Education and Skills Funding Agency and their role is to ensure all children and learners achieve their potential through education and training. The ESFA are responsible for £65 billion of funding in the education and training sector and provide assurance that the public funds are spent in and efficient way and provides value for money for the taxpayer.
The ‘money’ of funding for apprenticeships comes from the government via the taxpayer and the apprenticeship levy.
What is the apprenticeship levy?
The apprenticeship levy is required to be paid by businesses that have a pay bill of more than £3million a year and this money can then be used drawn down to fund apprenticeships levy. Businesses that have less than 50 employers aged apprentices between 16 to 18 and 19 to 24 with an Education Health Care Plan are fully funded by the government through the ESFA.
If you have apprentices aged 19 years plus, the government will fund 95% of the apprenticeship and request a 5% co-investment of the total of the apprenticeship training, you may hear us call that is employer contribution.
So, if you are thinking about apprenticeships the ESFA will ensure you receive the correct funding and that the apprenticeship programme you choose is ‘fit for purpose’.
If you are interested in taking on an apprentice call the team on 0208 327 3800 or email us email@example.com.
Download this information here: ESFA and funding