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23-09-2014

The National Minimum Wage rates change from 1 October as follows...

  • The adult rate for workers aged 21 and over will increase by 19p from £6.31 to £6.50 per hour.
  • The hourly rate for workers aged 18-20 will increase by 10p from £5.03 to £5.13.
  • The rate for workers aged 16-17 will increase by 7p from £3.72 to £3.79 per hour.
  • The hourly rate for apprentices will increase by 5p from £2.68 to £2.73.

In spite of these increases, the minimum wage remains a long way from Labour’s proposals, aired this week, of a raise in the minimum wage to £8 per hour.

It has been suggested that such an increase would add approximately £3,000 to an annual salary – without factoring in additional pension and National Insurance contributions that would need to be made by the employer.

 

This is intended for general information only and should not be considered as giving advice in relation to any individual case nor be taken as applying to any particular case. No liability is accepted for any such use of the information.

TESTIMONIALS

Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

Chambers and Partners

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