National Minimum Wage, Employers Pension Contributions, Employees Pension Contributions.
Yes these will all increase in the next tax year (6th April 2018) so if you are an employer or employee you may have to budget accordingly.
NATIONAL MINIMUM WAGE
|Year||25 and over||21 to 24||18 to 20||Under 18||Apprentice|
AUTO ENROLMENT MINIMUM PENSION CONTRIBUTIONS
|Date Effective||Employer Minimum Contribution||Staff Contribution||Total Contribution|
|Currently until 5th April 2018||1%||1%||2%|
|6th April 2018 to 5th April 2019||2%||3%||5%|
|6th April 2019 onwards||3%||5%||8%|
remember the total minimum contribution is the target, so employer or employee may pay more, or if employer pays above their minimum, the employee is only required to make up the difference to the total minimum, for example if after 6th April an employer contributed 3% to an employees pension, then the minimum due from the employee would be 2% (total minimum contribution 5%)
we offer a full payroll and Auto Enrolment solution, please contact us to discuss your needs and available rates and packages.