You may need to increase your wage bill.
From the 1st of October 2016, the National Minimum Wage will increase.
The National Minimum Wage, the minimum rate at which you must pay your staff is increasing. It’s an annual increase designed to pull wages up in line with inflation. It’s not quite an increase across the board as…
… The National Living Wage, the rate that staff 25 and over are entitled to earn will stay the same (£7.20) until April 2017. For more information about the National Living Wage and the difference between it and the minimum wage, we’ve put together an article about it to explain.
The rate for Adults Aged between 21 – 25 is £6.70, this will rise to £6.95.
For those between 18 – 20, the rate will increase from £5.30 to £5.55.
16 – 17 years will move from £3.87 to £4.00.
Finally the Apprentice rate will rise from £3.30 to £3.40.
National Minimum Wage rates are compulsory, if you pay below them you could get your business into hot water! So make sure you’ve updated your payroll to reflect the raise. Need a hand making the adjustments? Worrying about how you’re going to afford the increase? We’re there to support you so get in touch.