Levy Gifting:
Empowering Apprenticeships
Through Shared Resources
In the apprenticeship landscape, the concept of 'levy gifting' or 'levy transfer' has emerged as a game-changer, creating avenues for organisations to support and uplift each other. This mechanism offers a unique opportunity for employers with unspent apprenticeship levy funds to transfer them to other businesses, fostering a collaborative environment.
Here's a deep dive into levy gifting, its nuances, the Co-Op Levy Transfer Service, and the myriad of benefits it offers.
Levy gifting is essentially the transfer of apprenticeship service funds from one employer to another. This allows employers who have surplus funds in their apprenticeship service account to support another employer by 'gifting' or 'transferring' these funds, aiding them in training and assessing their apprentices.
How Does It Work?
Initial Discussion: The transferring and receiving employers must agree on the details of the transfer in terms of the amount and the apprenticeships it will fund.
Digital Apprenticeship Service (DAS) Setup: Both employers need to be registered on the DAS. The transferring employer pledges a specified amount for transfer, and the receiving employer subsequently receives these funds for specific apprenticeship standards.
Monthly Deductions: Once the transfer is set up, monthly deductions are made from the sending employer's levy account, which are then credited to the receiving employer's account.