24th November 2017

INFORMATION UPDATE

 Issue No.  2017/14

 Sentient
              

 

BUDGET

National Living Wage / National Minimum Wage increases

The Chancellor of the Exchequer delivered his 2017 Autumn Budget speech to the House of Commons on Wednesday 22nd November.

Key points that will be of interest to employers and employees.

Wages

Accepting the recommendations of the Low Pay Commission (LPC) for increases to the National Living Wage (NLW) and the National Minimum Wage (NMW), the Government announced that: 

From April 2018:

National Living Wage will increase by 4.4% from £7.50 to £7.83 for those aged 25 and over.

National Minimum Wage rates will be increased as follows:

  • from £7.05 to £7.38 for 21 to 24 year olds;
  • from £5.60 to £5.90 for 18 to 20 year olds;
  • from £4.05 to £4.20 for 16 and 17 year olds; and
  • from £3.50 to £3.70 for apprentices.

Taxation

The Government is committed to raise the Personal Allowance to £12,500 and the Higher Rate Threshold (HRT) to £50,000 by 2020. 

In the budget, it was announced that in the 2018/19 tax year the Personal Allowance and Higher Rate Threshold will be increased to £11,850 and £46,350 respectively. 

Save as You Earn Share Schemes – Employees on Maternity/Parental Leave

From April 2018, Employees on maternity and parental leave can pause their contributions to Save As You Earn share schemes for 12 months, (rather than the current six months allowed).


 

 

 

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