The National Minimum Wage (NMW) is the minimum amount per hour that most workers in the UK are entitled to be paid and rate increases come into effect this week.
The rate increases are:
• 20p to £6.70 per hour for adults
• 17p to £5.30 per hour for 18 to 20 year olds
• 8p to £3.87 per hour for 16 to 17 year olds
• 57p to £3.30 per hour for apprentices
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.
Penalties may be levied on employers where HMRC believe underpayments have occurred and HMRC may ‘name and shame’ non-compliant employers.
If you have any questions or need any further help, please do not hesitate to contact one of the team on 0161 456 9666 or email tax@in-accountancy.co.uk
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