National Minimum Wage Rise

Are Your Savings Safe?

From 1st October 2015, the National Minimum Wage (NMW) will rise by 3% for adults taking the hourly rate from £6.50 to £6.70, the largest rise in real-terms since 2008. This increase is set to benefit 1.4 million of the country’s lowest paid workers.

There is also a 3% rise in the hourly rate for 18-20 year olds, the current rate of £5.13 will increase to £5.30 per hour.

A smaller increase of 2% will be seen for 16 and 17 year olds, the rate will up from £3.79 to £3.87 and the National Minimum Wage rate for apprentices will also increase by 57p (20%) from £2.73 to £3.30 per hour.

There are exemptions to being entitled to the National Minimum Wage – the following are not entitled;

  • self-employed people
  • volunteers
  • voluntary workers
  • company directors.

All other workers including pieceworkers, home workers, agency workers, commission workers, part-time workers and casual workers must receive at least the NMW. There are no exemptions according to size of business or by sector, job or region.

New National Minimum Wage Rates at a glance from 1st October 2015

  • £6.70 for adult workers 21 +
  • £5.30 ages 18-20
  • £3.87 for 16-17 year olds (above school leaving age but under 18)
  • £3.30 for Apprentices under 19 or 19 or over who are in the first year of apprenticeship.

 

If you’re looking for financial advice or guidance, please feel free to get in touch.









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