Ready for 1st October? Minimum wage changes
Employers are being reminded of the new minimum wage changes that come into effect in October.
From Thursday 1st October, adult rates for the National Minimum Wage will rise by 20 pence from £6.50 to £6.70 per hour – the largest real-terms increase in the National Minimum Wage since 2007.
In addition to the new pay scale for adults, rates will also increase by 17 pence for 18 to 20 year olds to £5.30 per hour, by 8 pence for 16 to 17 year olds to £3.87 per hour and by 57 pence for apprentices to £3.30 per hour.
Stewart Pope, CEO at Perrys, commented:
“Employers are legally required to ensure that they comply with the changes to the national minimum wage as soon as they come into effect. Most workers over school leaving age will be entitled to receive the new rates of pay however some exemptions do apply so companies should double check these with their accountant.”
There are a number of key points businesses should be following to ensure they are prepared for the changes. These include assessing their current payroll, identifying workers that are entitled to receive the new minimum wage and making sure that they are aware of how the minimum wage is calculated.