On 1st April 2018 both the National Minimum Wage & National Living Wage are set to increase as per the recommendation from the Low Pay Commission.
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 for any worker over the age of 25. These increases seen below could mean at least an extra £600 a year for full-time workers.
The new rates are as follows:
Aged 25 and over £7.83 per hour
Aged 21-24 £7.38 per hour
Aged 18-20 £5.90 per hour
Under 18 £4.20 per hour
Apprentices £3.70 per hour
This along with the personal allowance increase to £11,850 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’re bored (And I mean seriously bored, as in you have absolutely nothing better to do with your time – trust me it’s a long read) you can take a look at the Low Pay Commission’s report or the Government’s response here.
If you have any questions about the above, please get in touch with a member of our team.