There are three important pieces of payroll news we are talking about today.
The first is the new national minimum wage. From 1st October 2012 the NMW is;
- the main adult rate (for workers 21 and over) will increase by 11p to £6.19 an hour
- the rate for 18-20 year olds will remain at £4.98 an hour
- the rate for 16-17 year olds will remain at £3.68 an hour
- the rate for registered apprentices will increase by 5p to £2.65 an hour
Secondly, you will have seen on the news about the employee pension scheme that is being rolled out from today for the largest employers. Smaller businesses will be affected at some time between 1st April 2014 and 1st April 2017 dependant on exactly how many employees you had at 5th April 2012 and on your tax office reference number. We’ll be publishing a news article on this shortly.
The final piece of news is about Real Time Information, coming in by April 2013 for all employers. We have sent our clients information on this topic. If you employ anyone and don’t yet have this information, please contact us urgently.