The new National Minimum Wage and National Living Wage rates will come into effect from 1 April 2017.
The hourly rate of the National Minimum Wage will increase to £7.05 (a rise of 10p) for adults aged 21-24. The rates for those aged between 18 and 20 will increase to £5.60 (a rise of 5p) and the rate for workers above the school leaving age but under 18 will increase to £4.05 (a rise of 5p). The National Minimum Wage rate for apprentices increases by 10p to £3.50.
The National Living Wage came into effect on 1 April 2016 and has been set at £7.20 per hour. The National Living Wage is the minimum hourly rate that must be paid for those aged 25 or over. From 1 April 2017 the National Living Wage will increase by 30p to £7.50. This represents an increase of 4.2%.
Keep up to date with 5four Payroll for further updates on these changes and please do not hesitate to get in touch if you have any queries.