Home HR for SMEs Employers – you may need to increase your wage bill if you...
Have you updated your payroll in line with the new National Minimum Wage?
The National Minimum Wage, the minimum rate at which you must pay your staff is increasing. It’s an annual rise 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 Lving Wage and the difference between it and the minimum wage, we’ve put together an article to explain it here.
However, the rate for adults aged between 21-25 is £6.70 – this will rise to £6.95.
For those between 18-20, the rate moves 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.
The National Minimum Wage rates are compulsory so if you pay below them you could get your business into hot water. Make sure you’ve updated your payroll to reflect the updates.
Need a hand making the adjustments? Or worried about how you’re going to afford the increase? We’re here to support you so get in touch.