INCREASE IN NMW RATES
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are
entitled to be paid. Increases in the NMW start
from 1 October 2016.
•
21 to 24 year olds £6.95 per hour
(an increase or 25 pence).
•
18 to 20 year olds £5.55 per hour
(an increase of 25 pence).
•
16 to 17 year olds £4.00 per hour
(an increase of 13 pence).
•
Apprentice is £3.40 per hour
(rate will increase by 10 pence).
•
25 and above - this is £7.20 an hour The mandatory National Living Wage.
•
NLW and NMW rates will in the future be
uprated every April starting in April 2017.
Research carried out by the Federation of Small Businesses (FSB), revealed that 59% of members will
absorb the increased costs through reduced profitability, 35% have increased prices, 24% reduced
staff hours and 23% cut investment.
HMRC have updated their guidance on payroll reporting including what employers should include on
the Full Payment Submission (FPS) and Employer Payment Summary (EPS) returns.
Please contact us if you would like help with your payroll.
This summary is published for the information of clients. It provides only an overview of the main points, and no action should be taken
without consulting the detailed legislation or seeking professional advice. Therefore, no responsibility for loss occasioned by any person
acting or refraining from action as a result of the material contained in this summary can be accepted by the authors or the firm.
Brayne, Williams & Barnard Limited t/a BWB
First Floor, 5 Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD
Company no 09839023 Vat no 225 04086 23
tel 01932 350117
email [email protected]
web www.bwbca.com