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National minimum wage

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I am trying to get prepared and look at the budgets for wages over next 12 months

anyone know when we will find out about the national minimum wage increase. I did see on one site it's proposed £8.67 but that was put on hold and might go up further 

thanks

 

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By neiltonks
17th Dec 2019 09:08

Like most things, this has been delayed by the election. The rates are normally announced in the Budget but this probably won't be until February, or late January at best.

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RLI
By lionofludesch
17th Dec 2019 10:05

I think you're going to have to guess for the next six weeks or so.

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By paul.benny
17th Dec 2019 12:57

You're over-thinking it.

There are lots of things about payroll costs that could change - minimum wage rate, employers' NI (lower and upper limit), not to mention any decisions you make about pay rates, staffing patterns, etc.

Budget based on what you know and document your assumptions. The best assumptions are (a) today's rates and (b) changes that have been announced. Anything else is guesswork and your guesses will be wrong.

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By Paul Kolovski
17th Dec 2019 13:53

The current minimum wage is £8.21 an hour and it's proposed to apply this from the age of 21 instead of the current age of 25. They also plan to increase it to £10.39 an hour by 2024.
However, no decent company should be paying anyone the minimum wage. Invariably it leads to working benefits being claimed by workers which means that the taxpayer is subsidising scrooge employers happy to profit from underpaying their employees to increase their profits. These employers are indirectly taking money from the taxpayer to line their own pockets and the pockets of their sharehiolders. I see little difference between this and any other form of tax fraud.
Perhaps it's time that employers who can't, or won't, pay their staff a decent wage were put out of business, or, maybe the minimum wage should be raised to a level where in work benefits are not required, say £15 an hour.

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Replying to Paul Kolovski:
RLI
By lionofludesch
17th Dec 2019 14:06

Paul Kolovski wrote:

Perhaps it's time that employers who can't, or won't, pay their staff a decent wage were put out of business, or, maybe the minimum wage should be raised to a level where in work benefits are not required, say £15 an hour.

Nice in theory, but, unfortunately, there's already a shortage of jobs. The Government massage the figures by only including folk who claim Jobseekers Allowance. There is a whole extra body of folk who can't claim that for one reason or another, so they don't count and the unemployment stats look a lot better than they actually are.

Shifting the demand for workers out to Asia isn't going to do much for folk over here.

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