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National Minimum Wage

National Minimum Wage

by | Mar 27, 2024 | National Minimum Wage, Payroll

As April 1, 2024 approaches, businesses across the UK are gearing up for changes in the National Minimum Wage (NMW) and National Living Wage (NLW). The government’s announcement of these adjustments underscores the ongoing commitment to ensuring fair wages for staff of all ages. At Quickpaye, we understand the significance of these changes and are here to support our clients in navigating and implementing them effectively.

Effective April 1, 2024, the following adjustments to the National Minimum Wage and National Living Wage will take effect:

National Living Wage (NLW) Increase for Ages 21 and Over:

  • There will be a notable £1.02 increase, equivalent to 9.8%, raising the NLW from £10.42 to £11.44 per hour.
  • National Minimum Wage (NMW) Increase for Ages 18-20:
  • Similarly, there will be a significant £1.11 increase, amounting to 14.8%, raising the NMW for individuals aged 18-20 from £7.49 to £8.60 per hour.

These changes signify a positive step towards creating a more inclusive and fair working environment for individuals of all ages. However, for employers, ensuring compliance with these new wage rates is essential to avoid penalties and maintain positive employee relations.

At Quickpaye, we understand the complexities involved in managing payroll and staying compliant with evolving wage regulations. Our comprehensive payroll solutions are designed to ensure accuracy and compliance every step of the way.

We can seamlessly integrate the new minimum wage rates into your payroll system, ensuring that your employees are paid accurately and in accordance with the latest regulations. Additionally, our team of payroll experts is available to help you understand the implications of these changes and implement necessary adjustments to your payroll processes.

By using Quickpaye, you can rest assured that your payroll needs are in capable hands. We are dedicated to helping you navigate the intricacies of minimum wage regulations with ease and confidence, allowing you to focus on what matters most — growing your business and supporting your employees.

With our expertise and commitment to exceptional service, we make compliance simple, ensuring that your payroll operations run smoothly and efficiently.

 

APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

by | Apr 17, 2018 | auto enrolment, national insurance, National Minimum Wage, PAYE, statutory maternity pay, statutory sick pay

AUTO ENROLMENT PENSION CONTRIBUTIONS INCREASE FROM APRIL 

With effect from 6th April, the minimum automatic enrolment (AE) contributions you must pay towards your employees’ pensions will increase. You will now need to contribute at least 2%, whilst the employee is required to contribute 3% themselves through automatic wage deductions. The government has warned that any failure to abide by these new regulations will lead to financial penalties for the organisation in question

STATUTORY PAY RATES TO INCREASE

The weekly pay rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and shared parental pay (ShPP) will all increase from £140.98 to £145.18.

Coinciding with the new tax year, statutory sick pay (SSP) will increase from 6th April from £89.25 to £92.05 a week. The average weekly earnings limit which an employee must reach to be eligible for these statutory payments will also rise from £113 to £116 a week.

NATIONAL LIVING WAGE AND MINIMUM WAGE INCREASE

You will need to ensure you are paying your employees the new rates.

From the 01st April 2018 the Minimum Wage rates has increased as below:

  • 25+ year olds – NMW (National Living Wage) will increase from £7.50 to £7.83 per hour
  • 21 – 24 year olds – MW will increase from £7.05 to £7.38 per hour
  • 18 – 20 year olds – MW will increase from £5.60 to £5.90 per hour
  • 16 – 17 year olds – MW will increase from £4.05 to £4.20 per hour
  • Apprentice rate (for apprentices under the age of 19 or 19 and over but in the first year
    of apprenticeship) – MW will increase from £3.50 to £3.70 per hour