The 50% Wage Subsidy incentive under the Boosting Apprenticeship Commencements scheme has now been extended and the 100,000 cap has been removed. Businesses of any size can claim 50% of their new apprentice or trainee's wages, up to a maximum amount of $28,000 for a 12 month period.
Great news for businesses looking to put on a new apprentice or trainee! The Australian Government has now announced the extension of the Boosting Apprenticeship Commencements (BAC) scheme , which offers a 50% Wage Subsidy incentive to keep apprentices working.
Businesses can be eligible for up to $7,000 per quarter and a potential maximum amount of $28,000 for the 12 months, contributing 50% towards the wages of each new apprentice or trainee in their workplace.
The wage subsidy incentive previous cap of 100,000 places has now been removed as a further incentive to encourage economic recovery and skills growth opportunities for Australian industries. Over 100,000 apprentices and trainees have commenced in the program since it began on October 5 last year.
According to Ben Bardon, CEO of the National Australian Apprenticeship Association, the BAC scheme is the most successful apprenticeship program since the creation of traineeships in the 1990s.
“The key to its success is that it provides certainty for employers as they plan their recovery from COVID 19. BAC helps them create full time positions for young people. This is especially important as school leavers face significant challenges as they transition to the world of work, given high levels of un-employment” Mr Bardon said.
“So, it’s good for employers and good for school leavers” Ben said.
BUSY At Work is one of the largest and longest-serving Australian Apprenticeship Support Network providers in Queensland and is supporting businesses to submit their claims under the BAC Scheme.
Quick Facts – Boosting Apprenticeship Commencement Scheme
- The 100,000 cap limit has been removed.
- Available for apprentice or trainee commencements or recommencements between 5 October 2020 and 30 September 2021.
- 50% wage subsidy, up to $7,000 per quarter for wages paid for a 12-month period from date of commencement/recommencement.
- Final claims must be lodged by 31 December 2022.
Further information (including all the latest updates) regarding this incentive and other available incentives can be found HERE
Michelle Ryan, BUSY At Work
Ph: 0407 169 029 or email email@example.com