Business advice

National Minimum Wage

The National Minimum Wage (NMW) rates are changing from 01 October 2014 meaning that many low paid workers will be receiving a pay rise. The new rates are as follows:

National Minimum Rate New hourly rate £
Main rate for workers aged over 21 6.50
Rate for workers aged 18 – 20 5.13
Rate for workers aged 16 – 17 (and over compulsory school age) 3.79

The apprentice rate rate is payable to those apprentices that are under 19 or in their first year year on an apprenticeship. The rate is currently £2.73 per hour.

For more information on the National Minimum Wages  or to enquire about our payroll service call Michelle Cunningham 01661 872004 or info@profitabilitygroup.co.uk

About the Author

Brian RussellBrian Russell FCA is a Chartered Accountant with over 30 years of experience working with owner managed businesses in North East England. He formed Russell & Co in 2000 to build upon his experience to provide high quality part time financial directorships for smaller companies particularly in Newcastle upon Tyne and Northumberland. Russell & Co is based in Ponteland.View all posts by Brian Russell →