The national minimum wage rate for workers aged 21-24 will increase to £7.05 an hour on 1 April 2017.
Eligible workers who are aged 25 and over and not in their first year of an apprenticeship will be entitled to the new national living wage rate of £7.50 an hour.
|Age||From 1 April||Current rates|
|25 and over||£7.50||£7.20|
|21 to 24||£7.05||£6.95|
|18 to 20||£5.60||£5.55|
|16 to 17||£4.05||£4.00|
*Apprentices rate for those aged 16-18 and 19 or over in their first year.
Gender Pay Gap Reporting
Gender pay gap reporting will also become a legal requirement for employers with 250 or more employees from 6 April 2017.
Employers will have to publish figures every 12 months.
The following figures must be reported:
- gender pay gap – mean and median averages
- gender bonus gap – mean and median averages
- proportion of men and women receiving bonuses
- proportion of men and women in each quarter when grouped from lowest to highest pay.
Employers must publish results on their own website and on the government’s website.
For any help or advice with financial planning talk to RPD