The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2015.
From 1 October 2015:
Employers also need to be aware that from April 2016, the government will introduce a new mandatory National Living Wage (NLW) for workers aged 25 and above. This will initially be set at £7.20 which is a 50p increase in the adult rate of NMW coming into force in October 2015. This represents an increase of in excess of £1,200 per annum in earnings for a full-time worker on the current NMW.
The NMW will continue to apply for those aged under 25. The government has issued further details of the new NLW policy.
Penalties
Penalties may be levied on employers where HMRC believe underpayments have occurred and HMRC may 'name and shame' non-compliant employers.
A proactive and highly focused Finance Director with a supreme talent for managing Finance department start-ups and translating overall business needs into innovative strategies to drive forward and…
