On 1st April 2017 both the minimum wage & living wage will increase. The Government’s goal is for the minimum wage to be £9 an hour by 2020.
In short, the National Minimum Wage is the legal hourly rate of pay workers are entitled to receive, while the National Living Wage is the same thing but targeted towards anyone working over the age of 25. These increases seen below could mean at least an extra £500 a year for full-time workers over the age of 25.
The new rates are as follows:
Aged 24 and over £7.50 per hour
Aged 21-24 £7.05 per hour
Aged 18-20 £5.60 per hour
Under 18 £4.05 per hour
Apprentices £3.50 per hour
This along with the personal allowance increase to £11,500 could lead to some much happier staff. Make sure your payroll is done as early as possible in April to avoid any errors in adjusting your employees hourly rate. If you’re a client of ours, we’ll be taking care of this for you.
If you have any questions about the above please get in touch with a member of our team.
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