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Blog

National Living Wage to rise next month

Adrian Mooy - Friday, March 08, 2019

 

 
From 1 April 2019, employers will be required by law to pay their employees a higher minimum wage rate.

 

The increase in the UK’s statutory wage requirements will benefit around 2.4 million workers and means that the annual earnings of a full-time minimum wage worker will have increased by over £2,750 since April 2016.

 

The new rates for National Living Wage are:
           
Year  25 and over    21 to 24     18 to 20     Under 18       App. 
Current        £7.83      £7.38       £5.90       £4.20    £3.70 
April 2019        £8.21       £7.70       £6.15        £4.35    £3.90 

 

For businesses though, the increase in the wage will not only affected their wage bill but will also come at a time when they are required to increase their workplace pension contributions for staff.

 

These contributions are set to rise yet again next month to a minimum of three per cent for employers, and a combined minimum contribution of eight per cent between employers and employees.

 

Those who are unprepared for these changes are likely to be the worst affected by this sudden change in costs, so it is important that they take immediate action if they are not yet prepared.

 

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