From April 2016 the National Living Wage will be £7.20 per hour for over 25’s

Most business owners will probably have heard something about the National Living Wage by now hopefully.

However, if you haven’t given this a lot of thought yet you should know that this comes into force soon.

It is definitely worth paying attention as it could lead to a significant increase in your staff costs, especially if some of your workforce are over 25 and being paid at the current national minimum wage rate.

As from April 2016 the hourly minimum rate (The National Living Wage) for over 25’s will be £7.20 per hour. This is a 50p per hour increase.

If you take an average full time employee working 37.5 hours per week. Using this as an example, right now based on the National Minimum wage that full time salary would be £13,065.

After the increase this would be £14,040, which is just under a £1,000 increase per year.

If you are concerned about these changes or worried about whether your business can afford the increased wages burden, why not give us a call. We have a number of solutions available to help within the A4G group of businesses.

 

Another significant burden affecting all businesses with Employees at the moment is Automatic enrolment for Pensions. For more information or to speak to one of our advisors in a free initial telephone consultation please visit our dedicated website here or call us on 01474 561153.

Want to find out more?

Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below.

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