New National Minimum Wage Rates
- 21 and over – increase of 20 pence to £6.70 per hour
- 18 to 20 year olds – increase of 17 pence to £5.30 per hour
- Under 18 year olds- increase of 8 pence to £3.87 per hour
- Apprentice rate – increase by 57 pence to £3.30 per hour
This latest increase to the National Minimum Wage is the largest increase since 2007, and is set to benefit more than 1.4 million of Britain’s lowest paid workers.
Introduction of National Living Wage
The new National Minimum Wage (NMW) rates come into effect ahead of the planned introduction of a new National Living Wage (NLW) of £7.20 an hour for over 25 year olds from April 2016. The NMW rates will still apply for workers aged 24 and under. The NLW will be raised incrementally and is expected to reach £9 an hour by 2020.
If you have any questions about National Minimum Wage, or any of the changes which are due to come into effect next April then please get in touch with us at Jet Accountancy.