1 October 2015 sees the new national minimum wage and worth noting that it’s the largest increase to the national minimum wage since 2007.
The NMW charges are as follows:-
- Adult aged 21 and over increased by 20 pence to £6.70 per hour
- 18 to 20 year olds increased by 17 pence to £5.30 per hour
- 16 to 17 year olds increased by 8 pence to £3.87 per hour
- The apprentice rate increased by 57 pence to £3.30 per hour
But these aren't the only changes to note, the chancellor has introduced 'the national living wage' from April 2016.
This will mean that employees agent over 25 will receive a minimum hourly rate of £7.20. A further rise of 50p. The government expects that this rate will continually increase to £9.00 by 2020.
Running your own Payroll
For those running your own payroll, it’s important to keep aware of these key changes. Many people we talk with have recently decided that with all the recent changes, including RTI and the auto enrolment complications, outsourcing payroll can be a very cost effective and time saving solution. If you wish to discuss this please get in touch.