New National Minimum Wage £6.70 from 1st October 2015
The Government have announced that the new national minimum wage (NMW) will be £6.70 from 1st October 2015 (an increase of 20 pence).
The increase of over 3% is aimed at protecting low paid workers from exploitation although critics of the NMW would argue that an increase can actually have adverse effects by putting some low paid jobs at risk. This is the biggest real term rise in the last 7 years.
The BBC report that they expect this change to benefit approx. 1.4million workers in the UK.
The hourly rate for younger workers will also rise, and for apprentices it will increase by 20% to £3.30 an hour (by 57 pence).
Umbrella Company workers are contracted at the National Minimum Wage to ensure compliance with legislation and so they receive their statutory benefits. They are bonused based on additional income they generate and can be reimbursed tax free for expenses they incur in supplying the service.