Is apprenticeship the future or employability?
TeamLease Degree Apprenticeship, India’s largest degree apprenticeship program from TeamLease Skills University has announced that there has been a surge in the intake of apprentices across India even during the COVID 19 pandemic, with the FY20-21 hiring increasing by 35%. Mr. Sumit Kumar, Vice President – TeamLease Degree Apprenticeship, TeamLease Skills University, said that, with India lacking skilled talent, apprenticeships can provide the solution to the problem of unemployment in India. “We are already able to see results. Apprenticeships linked to higher education, degree apprenticeships, etc. were the leading causes of the spike in hiring”, he concluded. Read more.
Companies to get more flexibility in apprentice hiring with the new amendment in the Act
The Apprenticeship Act might undergo another amendment during the monsoon session of the Parliament. This will increase the scope, provide inbuilt flexibility, and enable companies in apprentice hiring. Small and micro companies operating in a cluster will be able to hire jointly and deploy apprentices through the amendment. It will boost the apprentice staff ratio from 10% to 15% for employment. The union budget primarily hopes the amendment will enhance apprenticeship opportunities for the youth. Netap scheme promoted apprenticeships in unconventional sectors like healthcare, pharmaceuticals, IT-enabled services, banking, and financial services, and e-commerce. Teaching advanced skill expertise through the apprenticeship route leads to formal employment. Read more.
The surge in hiring due to degree apprenticeships
Sectors like automotive, retail, logistics, pharma and healthcare and banking, financial services, and insurance (BFSI) have increased their apprentice hiring. The surge in hiring took place even during the COVID-19 pandemic. The hiring continues to spike by approximately 40 percent since April 2021. The average stipend pay-out per apprentice also increased by 18 percent in 2021. NETAP has paid out Rs 2,700 crore worth of stipends since 2014. Apprenticeship has helped 95 percent of the certified apprentices to get formal employment. Today NETAP has 500 employees from varied sectors spread across over 3,500 locations. NETAP is featured in Zee Business, India EducationDiary.com, and United News of India. Read more.