- The National Living Wage (for workers aged 25 and over) should increase from ?7.50 to ?7.83
- The rate for 21-24 year olds should increase from ?7.05 to ?7.38
- The rate for 18-20 year olds should increase from ?5.60 to ?5.90
- The rate for 16-17 year olds should increase from ?4.05 to ?4.20
Inside story: The National Living Wage impact on small business Business Advice finds out what impact one of George Osborne?s key policies as chancellor has had on the health of small UK businesses. __________________________________________________________________________________ The policy hasn?t always been popular with Britain?s small business owners. This year, a Federation of Small Businesses (FSB) study found that the majority of small firms were reducing their margins to meet their obligations, while one in four had cancelled their investment plans. Alongside the increase to the National Living Wage, the National Minimum Wage is also set to rise next year. Commenting on the incoming pay rises, Alan Price, director of employment law at Peninsula, said:?”This early confirmation ensures employers have sufficient time to plan for the wage increases, both financially and administratively. ?Following an increased focus on enforcement in this area, failing to pass on these increases puts employers at risk of being publicly named and shamed or facing financial penalties. Even a one day delay will create liability.? Read more of our Autumn Budget 2017 coverage?here?
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