Over 1 million of the lowest paid workers in the UK are to benefit as the new National Minimum Wage rates rise beginning 1st October 2014.
As a result of recommendations from the independent Low Pay Commission in March 2014 the National Minimum Wage is set to increase for the first time since 2008. The new rates will rise to:
- £6.50 for the adult rate (workers aged 21 and over) (3% rise);
- £5.13 for the youth development rate (for workers aged between 18 and 20) (2% rise);
- £3.79 for young workers rate (aged under 18 but above the compulsory school age who are not apprentices) (2% rise);
- £2.73 for apprentices (2% rise).
A worker on the adult minimum wage working a 36-hour week, 52 weeks a year, can now expect to receive £355 more a year under the new wage rates.
This means that employers will need to adjust their payment schemes accordingly or risk being in breach of the law. The Government are prepared to take swift action against those employers who disregard these measures, including enforcing financial penalties and public naming lawbreakers.
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