experts Charity poverty Bill COST Акции Updates

Employers warned to comply with new minimum wage to avoid breaking law

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Millions of workers received a huge pay boost earlier this week, as the National Living Wage rose to £11.44 - a jump of more than £1 per hour for working people struggling with the ever-rising cost of living.

This wage boost works out as an annual salary of more than £22,000 for those in full-time work and will help millions to cope with the high cost of heating and eating, but could be difficult for employers who have not prepared for a big increase in their wage bills.

The changes are the largest increase in the minimum wage or living wage since they were introduced and have been widely welcomed by employment and poverty charities - but employers that fail to update their pay rates could find themselves on the wrong side of the law, or even publicly named and shamed by the government. READ MORE: Three employment laws coming into effect this week that every worker should know The finance experts at money.co.uk business insurance have shared what business owners need to know as employee wages jump, and what that means for their business. Understand the new rates: The first step for businesses is to familiarise themselves with the new national living and minimum wage rates.

As of April 1st, these rates are: National Living Wage for over-23s: £11.44 an hour (from £10.42) National Living Wage for those aged 21-22: £11.44 an hour (from £10.18) National Minimum Wage for 18 to 20-year-olds: £8.60 an hour (from £7.49) National Minimum Wage for under-18s: £6.40 an hour (from £5.28) The apprentice rate: £6.40 an hour (from £5.28) Update payroll systems: Businesses must update their payroll systems to match these new rates.

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