From today (1 October 2014) national minimum wage will rise to £6.50 for people age 21 and over (up 19p), to £5.13 for 18-20 year-olds (up 10p), to £3.79 for those under 18 (up 7p) and to £2.73 for apprentices who are in their first year or aged 16-18. It is the biggest increase since the 2008 financial crisis.
It is vital employers who previously had employees on, or near, the minimum wage ensure their payrolls are updated accordingly from October onwards.
National minimum wage rates:
- 21 and over – £6.50
- 18 to 20 years of age – £5.13
- Under 18 – £3.79
- Apprentice* – £2.73
*This rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.
Unsure how this affects you? That’s where Nine Ashes Bookkeeping can be of help. We provide payroll services to small and medium sized businesses in Essex – serving the Brentwood, Chelmsford, Billericay, Harlow, Epping, Ongar and Ingatestone areas.
Get in touch today if you’d like to discuss our payroll services and how we can be of help to you and your business.