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Wage subsidies will help reverse apprenticeship decline
04 Oct 2020 | Media Release
Today’s Federal Government announcement of a 50 per cent wage subsidy for new apprentices and trainees employed from 5 October by any sized business should go a long way to turning around the concerning long-term decline in apprenticeship numbers.
“This is the right prescription to restore the health of the apprenticeship system, given the considerable wage subsidy investment already made in apprentice retention. It comes at the right time, when restrictions are being eased, and will encourage businesses looking to take on more people to take on apprentices,” ACCI CEO James Pearson said.
“As apprenticeships require a longer-term investment in skills development, this wage subsidy will tip the balance in favour for many employers to make the commitment to developing the skills for the future.
“Apprenticeships and traineeships have long been ACCI’s number one skills priority, and along with the promise to deliver real growth in the overall investment in vocational education and training, this move to breathe more life into the highly valuable apprenticeship model comes at a critical time.
“It is particularly pleasing to see the subsidy provided to businesses of all sizes which was a key ask in ACCI’s pre-budget submission to the Federal Government. It simplifies the subsidy and reflects the value of new job opportunities across the economy.
“The COVID crisis has dealt a heavy blow particularly to young people. Apprenticeships and traineeships are a great pathway for those seeking their first full time job. It delivers structured training, alongside valuable workplace experience, and a national recognised qualification.”