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Business news : October 2008
Changes to the National Minimum Wage
Llandudno Junction based chartered accountants Gareth Hughes & Co are reminding individuals that October has seen an increase to the National Minimum Wage (NMW) but not the introduction of expected related legislation. From 1st October 2008 the NMW will be paid as follows:
Workers aged 22 and above - £5.73 per hour
Workers aged 18 – 21 - £4.77 per hour
Workers aged 16 – 17 - £3.53 per hour
The introduction of changes to penalties and calculation of arrears of National Minimum Wage (NMW) payments as set out in the Employment Bill was also due this month but the government has announced that the bill has been delayed in going through parliament, and the changes can now be expected to come into force on 6th April 2009.
The changes will include:
- calculation of underpaid NMW to refer to the current NMW rather than the rate of NMW at the time of underpayment
- penalties for employers that fail to pay the NMW
- new powers for HMRC to take NMW records and documentation from the employer’s premises for the purpose of copying
For more information, contact Gareth Hughes & Co on 01492 593345.
To find out more about how we can help you, or to arrange a free initial meeting, please contact us.
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Gareth Hughes & Co - North Wales Accountants |