National Minimum Wage<\/strong><\/p>\nApprentices: Increasing from \u00a33.50 to \u00a33.70 per hour.<\/p>\n
16 and 17 year olds: Increasing from \u00a34.05 to \u00a34.20 per hour.<\/p>\n
18 to 20 year olds: Increasing from \u00a35.60 to \u00a35.90 per hour.<\/p>\n
21 to 24 year olds: Increasing from \u00a37.05 to \u00a37.38 per hour.<\/p>\n
The National Living Wage for workers aged 25 and over will increase to \u00a37.83 per hour.<\/p>\n
Statutory Payments<\/strong><\/p>\nStatutory Maternity Pay, Statutory Paternity Pay, Shared Parental Pay and Statutory Adoption Pay will increase to \u00a3145.18 per week.<\/p>\n
Statutory sick pay will increase to \u00a392.05 per week.<\/p>\n
Week\u2019s Pay<\/strong><\/p>\nThe maximum amount for a week\u2019s pay (used when calculating statutory redundancy payments) will increase from \u00a3489 to \u00a3508 per week.<\/p>\n
Statutory Redundancy Pay<\/strong><\/p>\nThe maximum statutory redundancy payment (or basic award for unfair dismissal) has increased from \u00a314,670 to \u00a315,240.<\/p>\n
GDPR<\/strong><\/p>\nThe General Data Protection Regulations (GDPR) will come into effect on 25th May 2018 for all EU member states, including the UK.<\/p>\n
Taxation of Termination Payments<\/strong><\/p>\nNew rules regarding the taxation of termination payments will apply from 6th April 2018. Previously, if an employee\u2019s contract did not contain a pay in lieu of notice clause, the employer could categorise the notice payment as part of the termination payment, and therefore exempt from National Insurance Contributions, and tax free up to a limit of \u00a330,000.<\/p>\n
However, from 6th April 2018, employers must deduct tax and NI from a portion of the termination payment equivalent to the basic pay that an employee would have earned had the employee served his or her notice period in full, regardless of whether the employee\u2019s contract contains a Pay in Lieu of Notice clause.<\/p>\n
*All information is correct at the time of publishing<\/p>\n","protected":false},"excerpt":{"rendered":"
With the new tax year having just begun, Employers should be aware of increases to statutory rates, and new legislation coming into force from 6 April 2018. Below is a brief summary of key changes. National Minimum Wage Apprentices: Increasing from \u00a33.50 to \u00a33.70 per hour. 16 and 17 year olds: Increasing from \u00a34.05 to […]<\/p>\n","protected":false},"author":7,"featured_media":1094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","footnotes":""},"categories":[47],"tags":[54,16,11,9,10,33,52,48,30,51,50,49,53,13],"yoast_head":"\n
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