National Minimum Wage Increase
Whilst Harvey Telford & Bates Chartered Accountant provide a payroll service and support to our clients, it is something that all businesses need to aware of when managing their employees payroll.
National Minimum Wage Rates
Taking effect on the 1st April 2017, the National Minimum Wage will be raised to the following amounts:
- Minimum wage for people aged 21 years and above will increase to £7.05 per hour;
- Minimum wage for people aged 18 – 20 years will increase to £5.60 per hour;
- Minimum wage for people aged under 18 will increase to £4.05 per hour;
- The apprentice rate for apprentices under 19, or 19 or over and in the first year of their apprenticeship will increase to £3.50 per hour.
If any of your staff are currently paid the National Minimum Wage, now is the time to ensure that all your systems are updated in preparation for the new Minimum wage requirement.
National Living Wage Rates
Alongside the news of the increased Minimum Wage, the compulsory National Living wage for all workers over the age of 25 is also increasing, with this proposed to be set at £7.50 as of April 2017.
If you would like to know more about the implications of the official NMW and NLW changes for your company, or currently manage your own payroll and staff benefits and would like guidance or assistance on managing your staff’s renumeration, get in touch with Harvey Telford & Bates Chartered Accountants, based in Shrewsbury, Shropshire.
Our payroll expert will be able to provide you with advice on meeting your employees’ payroll requirements, but also to manage the process completely for you, giving you peace of mind that is will all be taken care of.
Call 01743 462604 or email [email protected] to see how we can help you.
