Employers need to check that they are observing the new rates effective from 1st April 2017 for the mandatory National Living Wage for workers aged 25 and above and the National Minimum Wage (NMW) rate.
This means any employee aged 25 or over, including directors, working a standard 35 hour week must be paid an annual salary of at least £13,650 for the year ending 31st March 2018 to avoid falling foul of the new mandatory minimum pay rules.
|Effective from:||25 and over||21 to 24||18 to 20||Under 18||Apprentice|
The apprentice rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the NMW for their age.
Call us on 01202 482121 if you are looking for some free advice on how to plan the best remuneration package for your employees. Although May 2017 seems a long way off, the new pension rules that come into affect on this date will have a significant impact on payroll running costs for most small employers. The decisions you make now, should take into account these kinds of factors.
It is important to match your needs with an accounting firm that has experience of dealing professionally with your sector.
Match one of the client profiles below, and you will know we can deliver the service you need at the fee level stated.
Call 01202 482121 for a free consultation.
Sigma House, 44 Willow Way
Christchurch, Dorset, BH23 1LA
Tel: 01202 482121