Friday, 3 January 2020

New minimum wage 2020 announced

At Savinvest we announce that from April 2020, the new minimum wage rates are:
Savinvest UK Minimum Wage 2020 - Savinvest Accountants London Canary Wharf, Glasgow, Aberdeen, Manchester, Liverpool

  • The National Living Wage for ages 25 and above - up 6.2% to £8.72
  • The National Minimum Wage for 21 to 24-year-olds - up 6.5% to £8.20
  • For 18 to 20-year-olds - up 4.9% to £6.45
  • For under-18s - up 4.6% to £4.55
  • For apprentices - up 6.4% to £4.15

The Government has heralded the increase to the National Living Wage, which is the legally binding National Minimum Wage for workers aged 25 and over, (an increase of 51p per hour) as the biggest ever increase to the NLW. The previous biggest increase to the NLW rate was in April 2016, when the rate rose by 50p per hour.

From Savinvest we have cautioned that certain sectors such as care and other sectors heavily dependant on manual labour will be hit by the rise which comes at the same time as the rise of up to 1.7% from Business Rates.

Please contact us to arrange compliance on paying the new minimum wage or other requirements you may have on your payroll.

Your Savinvest UK team.