Minimum Wage rate update:
1st October 2016, the National Minimum Wage rates will be increasing as below:
• 21 – 24 year olds – NMW will increase from £6.70 to £6.95 per hour
• 18 – 20 year olds – NMW will increase from £5.30 to £5.55 per hour
• Over compulsory school age but not yet 18 – NMW will increase from £3.87 to £4.00 per hour
• Apprentice rate (for apprentices under the age of 19 or 19 and over but in the first year of apprenticeship) – NMW will increase from £3.30 to £3.40 per hour.
You may have noticed that the National Living Wage is not increasing in October. As the NLW rate for those aged 25 and over was only introduced in April 2016 the current rate of £7.20 per hour will continue to apply until April 2017. The quoted increase from next April is £7.60 per hour but this has not yet been confirmed.
For further clarification, please contact Berkshire Accountants Ltd on 0118 327 4200.