Autumn Budget Statement 2018

National Living Wage & National Minimum Wage:

Minimum-Wage-blogThe government has set a target for the NLW to reach 60% of median earnings by 2020 (subject to sustained economic growth).

Announcements in the Budget include:

Increasing the NLW by 4.9% from £7.83 to £8.21 from April 2019, which will benefit around 2.4 million workers

Accepting recent recommendations by the Low Pay Commission to increase NMW rates from April 2019 as follows:

  • Increasing the rate for 21 to 24 year olds by 4.3% from £7.38 to £7.70 per hour
  • Increasing the rate for 18 to 20 year olds by 4.2% from £5.90 to £6.15 per hour
  • increasing the rate for 16 to 17 year olds by 3.6% from £4.20 to £4.35 per hour
  • increasing the rate for apprentices by 5.4% from £3.70 to £3.90 per hour

National Minimum Wage Changes

The hourly rate for the minimum wage depends on your age and whether you’re an apprentice.

You must be at least:

  • school leaving age to get the National Minimum Wage
  • aged 25 to get the National Living Wage – the minimum wage will still apply for workers aged 24 and under

These rates are for the National Living Wage and the National Minimum Wage. The rates change every April.

Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice
April 2017 (current) £7.50 £7.05 £5.60 £4.05 £3.50
April 2018 £7.83 £7.38 £5.90 £4.20 £3.70

More detailed information can be found here

Rise in Employment Allowance

http://www.sandrasilk.co.uk/uploads/Fotolia_39380637_HMRC.jpgGOOD NEWS FOR EMPLOYERS

Businesses will have their employer National Insurance bill cut by another £1,000 from April 2016, as the Employment Allowance rises from £2,000 to £3,000. The Employment Allowance gives businesses and charities a cut in the employer National Insurance they pay.

This means that businesses and charities will be able to employ 4 people full time on the National Living Wage and pay no National Insurance at all.

https://www.gov.uk/government/news/summer-budget-2015-key-announcements

Reminder!!! National Living Wage

ARE YOU READY?

In only two weeks’ time, that is on 1st April 2016, the Government’s new National Living Wage will become LAW.

http://www.teamjobs.co.uk/wp-content/uploads/2015/10/living-wage.jpgIf you’re working and aged 25 or over and not in the first year of an apprenticeship, you’ll be legally entitled to at least £7.20 per hour.

If you’re an employer, you’ll need to make sure you’re paying your staff correctly from 1st April 2016, as the National Living Wage will be enforced as strongly as the current National Minimum Wage – which still applies to those aged under 25

You can find out more by clicking here – there are sections for Workers and Employers to find out who is eligible.

The National Living Wage

On 1st April 2016 the Government’s new National Living Wage will become LAW.

http://www.teamjobs.co.uk/wp-content/uploads/2015/10/living-wage.jpgIf you’re working and aged 25 or over and not in the first year of an apprenticeship, you’ll be legally entitled to at least £7.20 per hour.

If you’re an employer, you’ll need to make sure you’re paying your staff correctly from 1st April 2016, as the National Living Wage will be enforced as strongly as the current National Minimum Wage – which still applies to those aged under 25

You can find out more by clicking here – there are sections for Workers and Employers to find out who is eligible.