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Payroll reminder - minimum wage rates increase on 6th April
It is important to remember that the minimum wage pay rates are increasing with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged.
The new minimum wage payment rates are set out below.
For further information: https://www.gov.uk/national-minimum-wage-rates
|
|
2023/24 rate |
2024/25 rate |
|
21 and over (previously 23 and over) |
£10.42 |
£11.44 |
|
18 to 20 |
£7.49 |
£8.60 |
|
Under 18 |
£5.28 |
£6.40 |
|
Apprentice |
£5.28 |
£6.40 |
|
Accommodation Offset |
£9.10 |
£9.99 |
Payroll reminder – National Insurance rate reducing from 6 April
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply.
There is no change to the rate of employers’ national insurance, which stays at 13.8% on monthly earnings above £758.
It is important that your payroll software is up to date so that it deducts the right amount of national insurance from your staff.
You may need to check with your payroll software provider, or you may need to update your software to make sure that the calculations will be made correctly.
For more information: https://www.gov.uk/government/publications/changes-to-national-insurance-contributions-from-6-april-2024/reduction-to-the-main-rates-of-primary-class-1-and-class-4-national-insurance-contributions
Further help
If you need assistance with any aspect of your payroll, please do not hesitate to contact us. We will be happy to help!
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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