Payment
ITOs[1] will be paid Standard Training Measure (STM) funding for the provision of activities to Modern Apprentices who are registered with the ITO and for whom a MAC[2] is also receiving funding from us.
Modern Apprenticeship STM funding must be used to meet the purpose of the fund.
Payments are based on the number of Modern Apprentices and their programmes that the ITO is supporting per month.
STM payment for modern apprenticeships will be calculated as follows:
- Modern Apprenticeship funding is calculated based on STMs. An STM is defined as the amount of training that is required for a trainee to achieve 120 register credits (or its equivalent) in an approved structured training programme
- STMs will be calculated based on the number of valid Modern Apprenticeships places achieved by the MACs that cover the ITO's recognised industry, except for any places achieved in excess of individual allocations to MACs
- STMs will be calculated only for those Modern Apprentices who are reported by both the ITO and a MAC with matching NZQA[3] identification numbers and matching TEC programme identification numbers
- payment of funding will be made in advance in twelve monthly payments along with other Industry Training Funding
- funding will be recovered where ITOs report fewer STMs than the level agreed in the Investment Plan approval letter for the relevant year.