 Photo by Free To Use Sounds on Unsplash | There might not have been a budget in March, but lots is changing on the employment front. National Minimum (NMW) and Living Wages will increase from 1 April 2019. The changes are as follows: |
| Age Group National Living Wage (25+) NMW (21-24) NMW (18-20) NMW (16-17) | April 2018 £7.83 p.h. £7.38 p.h. £5.90 p.h. £4.20 p.h. | April 2019 £8.21 p.h. £7.70 p.h. £6.15 p.h. £4.35 p.h. |
It’s important to note that the change is 1 April and not6thApril so wages and salaries change before the end of the tax year. HMRC continue to remain responsible for policing this and with the payroll data that is now submitted its pretty easy to tell who’s not complying!
Following the increases, its also really important that you also check to see if an employee needs to be taken into a pension scheme as the £10,000 trigger remains unchanged which means more people are likely to qualify. The Pensions Regulator has a useful toolkit here:
https://www.thepensionsregulator.gov.uk/en/employers
Pension contributions will also rise and this link is particularly helpful.
For more detailed advice, why not contact me here?
Following the increases, its also really important that you also check to see if an employee needs to be taken into a pension scheme as the £10,000 trigger remains unchanged which means more people are likely to qualify. The Pensions Regulator has a useful toolkit here:
https://www.thepensionsregulator.gov.uk/en/employers
Pension contributions will also rise and this link is particularly helpful.
For more detailed advice, why not contact me here?
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