National Minimum Wage increases this month
As you will know, the National Minimum Wage (NMW) is the minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1st October 2015 as follows:
• The adult rate will increase by 20 pence to £6.70 per hour
• The rate for 18 to 20 year olds will increase by 17 pence to £5.30 per hour
• The rate for 16 to 17 year olds will increase by 8 pence to £3.87 per hour
• The apprentice rate will increase by 57 pence to £3.30 per hour
Employers also need to be aware that from April 2016, the government will introduce a new mandatory National Living Wage (NLW) for workers aged 25 and above. This will initially be set at £7.20 which is a 50p increase in the adult rate of NMW coming into force in October 2015. This represents an increase of in excess of £1,200 per annum in earnings for a full-time worker on the current NMW. The NMW will continue to apply for those aged under 25.
If you would like to discuss this further with us, please do give us a call 01450 372267.