Minimum Wage Rises Category: EQ Accounting - Posted On: Mar 25 2017 The National Minimum Wage (NMW) or National Living Wage (NLW) rates are increasing from 1 April 2017. Employers need to ensure they are paying their employees at least the appropriate NMW or NLW rate. You can find the new rates in the table below. Going forward the NMW and NLW rates will be reviewed annually in April. From 1 October 2016 From 1 April 2017 NLW rate for workers aged 25 and over £7.20* £7.50 Rate for workers aged 21-24 £6.95 £7.05 Rate for workers aged 18-20 £5.55 £5.60 The 16-17 rate for workers above school leaving age but under 18 £4.00 £4.05 The apprentice rate ** £3.40 £3.50 * introduced and applies from 1 April 2016 **for apprentices under 19 or 19 or over and in the first year of their apprenticeship What are the penalties for non-compliance? The penalties imposed on employers that are in breach of the minimum wage legislation are 200% of arrears owed to workers. The maximum penalty is £20,000 per worker. The penalty is reduced by 50% if the unpaid wages and the penalty are paid within 14 days. HMRC also name and shame employers who are penalised. For more information or for support with any payroll query, please contact our EQ Accounting team today on 01382 312100. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology
Minimum Wage Rises Category: EQ Accounting - Posted On: Mar 25 2017 The National Minimum Wage (NMW) or National Living Wage (NLW) rates are increasing from 1 April 2017. Employers need to ensure they are paying their employees at least the appropriate NMW or NLW rate. You can find the new rates in the table below. Going forward the NMW and NLW rates will be reviewed annually in April. From 1 October 2016 From 1 April 2017 NLW rate for workers aged 25 and over £7.20* £7.50 Rate for workers aged 21-24 £6.95 £7.05 Rate for workers aged 18-20 £5.55 £5.60 The 16-17 rate for workers above school leaving age but under 18 £4.00 £4.05 The apprentice rate ** £3.40 £3.50 * introduced and applies from 1 April 2016 **for apprentices under 19 or 19 or over and in the first year of their apprenticeship What are the penalties for non-compliance? The penalties imposed on employers that are in breach of the minimum wage legislation are 200% of arrears owed to workers. The maximum penalty is £20,000 per worker. The penalty is reduced by 50% if the unpaid wages and the penalty are paid within 14 days. HMRC also name and shame employers who are penalised. For more information or for support with any payroll query, please contact our EQ Accounting team today on 01382 312100. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology