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News - 18 March 2014

New Minimum wage rates approved.

he government, and the Business Secretary Vince Cable, have accepted in full the independent Low Pay Commission’s recommendations for 2014, including plans for bigger increases in future than in recent years.

The recommendations were made by the Low Pay Commission (LPC), who said the rise, the first real terms cash increase since 2008, is manageable for employers and will support full employment.

The National Minimum Wage rates from 1 October 2014, as recommended by the LPC, will be:

  • a 19p (3%) increase in the adult rate (from £6.31 to £6.50 per hour)
  • a 10p (2%) increase in the rate for 18 to 20 year olds (from £5.03 to £5.13 per hour)
  • a 7p (2%) increase in the rate for 16 to 17 year olds (from £3.72 to £3.79 per hour)
  • a 5p (2%) increase in the rate for apprentices (from £2.68 to £2.73 per hour)

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The analysis of the prospects for rises that could restore the value of the National Minimum Wage to its peak in real terms follows a specific request by the Business Secretary for the LPC to provide forward guidance on what economic conditions would be necessary to allow faster increases in National Minimum Wage without harming employment rates.”

The independent Low Pay Commission was established following the National Minimum Wage Act 1998 to advise the government on the National Minimum Wage. It is made up of representatives from all sides of industry.

If you are unsure and need any help and advice on PAYE, RTI and Tax Credits, or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 

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