From 1st October 2015 National Minimum Wage rates have increased, so please ensure you are paying your employees correctly. Research suggests nearly a third of small business owners do not know what the National Minimum Wage rate is or forget that it increases every October.
Adults aged 21 and over increases from £6.50 to £6.70 an hour
18 to 20 year olds increase from £5.13 to £5.30 an hour
16 to 17 year olds increase from £3.79 to £3.87 an hour
The apprentice rate for increases from £2.73 to £3.30 an hour
Companies failing to comply with the National Minimum Wage risk being named and shamed, and could be fined up to £20,000 per worker if prosecuted.
You also need to be aware that from April 2016 a new minimum limit called the National Living Wage will come into force for all workers aged 25 and over which is set to begin at £7.20 an hour. This means that employers who pay at the minimum wage will be hit twice in one year. It is predicted that around 6 million people will benefit from the 2016 introduction.