If you are an employer, you need to take account of the new levels of the National Minimum Wage which came into effect on 1st April, 2019. These were announced by The Chancellor, Phillip Hammond and will affect 2.4 million workers.
In addition you may also wish to consider the National Living Wage, details of both are shown below.
NLW (workers aged 25+) — from £7.83 to £8.21 per hour.
The hourly rate for the minimum wage depends on your age and whether you are an apprentice. Although you must be of school leaving age to receive the NMW and subsequently aged 25 or over to qualify for the NLW.
Apprentices are entitled to the apprentice rate if they are:
- aged 19 or under
- aged 19 or over but in the first year of their apprenticeship.
However if they are aged 19 or over and/ or have completed the first year of the apprenticeship they qualify to receive the NMW.
- workers aged 21–24 — from £7.38 to £7.70 per hour
- workers aged 18–20 — from £5.90 to £6.15 per hour
- workers aged 16–18 — from £4.20 to £4.35 per hour
- apprentice rate — from £3.70 to £3.90 per hour
Visit: https://www.gov.uk/national-minimum-wage-rates to find out more.
Information about employers and the minimum wage: https://www.gov.uk/national-minimum-wage/employers-and-the-minimum-wage.
If you have further questions on this or another accountancy topic then contact AJR & Co Ltd to arrange a free 30 minute consultation