Posted: 13/10/14 by CFW Chartered Accountants & Business Advisers
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases came into effect on 1 October 2014.
The increases are as follows:
- The main rate for workers aged 21 and over increased to £6.50 (from £6.31)
- The 18-20 rate increased to £5.13 from £5.03
- The 16-17 rate for workers above school leaving age but under 18 increased to £3.79 from £3.72
- The apprentice rate increased from £2.68 to £2.73 per hour. It is important to note that these rates, which came into force from 1 October 2014, apply to pay reference periods beginning on or after that date. Penalties may be levied on employers where HMRC believe underpayments have occurred and HMRC now have the power to ‘name and shame’ non-compliant employers. Most workers in the UK over school leaving age are entitled to be paid at least the NMW, although there are some exceptions.
If you have any queries on the NMW, would like any further information or help with payroll issues, call CFW Chartered Accountants & Business Advisors on 01536 713555 or email email@example.com.