Virgin Media O2: Apprenticeship Talent Fund
Overview
Overview
More than 3 million SMEs say hiring apprenticeships is not financially viable with 35% citing cost pressure, 30% complexity of training programmes, and over 800,000 (15%) stating insufficient levy funds are a key challenge.
This new initiative will provide funding to charities, social enterprises, small businesses and local authorities enabling them to train apprentices at no cost because Virgin Media O2 will transfer up to £1 million in unspent levy funds to smaller organisations to fund approved apprenticeship training.
Organisations with an annual wage bill over £3 million are required to pay an apprenticeship levy of 0.5%, which can be used to fund skills development initiatives such as apprenticeships. However, not all organisations are able to fully utilise their levy funds.
Since April 2024, new rules allow large employers to transfer up to 50% of their levy pot to smaller businesses, helping them access vital funding for upskilling. Virgin Media O2 is committing up to £1 million to support training through levy transfers.
The fund will focus on supporting women and individuals from global majority backgrounds enter science, technology, engineering and mathematics (STEM) careers; promoting social mobility and supporting underrepresented groups.
How does it work
If you’re interested in accessing funding, the first step is to register an account or sign into the Government portal. Once you’re registered and signed up you can request funds from Virgin Media’s pot.
- The funds are available to cover the cost of training an apprentice and can be drawn down from Virgin Media’s pot.
- The funding is not available to cover the salary of an apprentice.
Eligibility
If you’re a small business, charity, social enterprise or local authority that doesn’t already pay into the levy, you can apply for funding when hiring a woman or person from the global majority undertaking a STEM based apprenticeship.
This funding is for new hires, not existing apprentices. Specifically, women into STEM based roles and people from a global majority background.