A quick reminder of changes that shall increase the costs of employing staff which shall shortly be coming into effect.
Increase to living and minimum wages
There will be an increase in living and minimum wage rates on 1 April 2018, with the national living wage for workers aged 25 and over to be increased to £7.83. The scheduled changes to living and minimum wage rates are summarised as follows: 25+ £7.83 21-24: £7.38 18-20: £5.90 16-17: £4.20 Apprentice: £3.70
Increases to the rate of pension contributions
On 6 April 2018, there will be an increase to minimum auto enrolment pension contributions for both employers and employees. As it stands, the current minimum contribution for both parties is 1% but this will increase to 2% for employer contributions and 3% for employee contributions from April. There is a further increase scheduled in April 2019 which will bring the figure to 3% for employers and 5% for employees.
As ever, the commencement date for the implementation of the GDPR on 25 May 2018 looms ever closer. If you need any help, support or assistance in ensuring your business is GDPR compliant then get in touch today.