National Minimum Wage Increase From October 1stWritten on September 30, 2014 by Kirk Rice LLP
If your business pays someone at the National Minimum Wage (NMW) or if you or someone you know receives NMW then watch out for the change in the rate tomorrow. Over 1 million employees are set to benefit from an increase in the NMW from October 1st.
NMW has increased across all age bands with the adult rate increasing by the largest percentage, from £6.31 to £6.50 representing the first increase in real value since 2008. The rate for 18-20 year olds has increased from £5.03 to £5.13, for 16-17 year olds from £3.72 to £3.79 and for apprentices from £2.68 to £2.73.
Contracts of employment for pay below the NMW are not legally binding and employers can be reported for breaking the law using the Pay & Work Rights Helpline on 0800 917 2368. Employers can be fined and named under the Government ‘name and shame’ scheme. Publicity that any business, large or small would want to avoid.
If you have any questions about NMW or indeed hiring or paying any employee then contact us.
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