Personal tax
The outcomes of an earlier review by the government into mixed-use property purchases and multiple d...
By RJP LLP on 18 March, 2024
Accountancy • Bookkeeping • Business Services • Small Business
Update on new statutory pay rates
By RJP LLP on 12 April 2018
Statutory pay increases have come into effect from 1 April 2018 for the National Minimum Wage and National Living Wage.
Workers aged over 25 on the National Living Wage will benefit from an increase of 4.4%, with hourly payments rising from £7.50 an hour to £7.83 an hour.
Younger workers and apprentices will also benefit from increases, with new rates as follows:
- 21-24 years old – £7.38 per hour
- 18-20 years old – £5.90 per hour
- Over compulsory school age – £4.20 per hour
- Apprentice – £3.70 per hour
The government recently published a ‘naming and shaming’ list of all the employers who failed to pay their staff the minimum wage. Enforcement is increasing in this area and substantial financial penalties can be issued for all organisations that do not meet the new legal requirements.
A new set of ‘family friendly’ pay rates for workers with families have also been introduced.
- Weekly rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and statutory shared parental pay (ShPP) have risen from £140.98 per week to £145.18 per week.
- Statutory sick pay (SSP) has also risen from £89.35 a week to £92.05 a week.
If you haven’t already, it is important to review your workplace policies regularly to ensure you are compliant with the latest legislation.
For more information on the range of payroll services offered by RJP, please email us at partners@rjp.co.uk.
