National Minimum Wage (NMW) is increasing from £8.91 to £9.50 from 1st April 2022.
More information on NMW as individuals younger than 23 years get lower pay.
Please review your payroll records to ensure that you are not paying any staff less than NMW.
Method to check
- Fixed Pay – Annual Pay divided by number of hours worked in a year.
Example an employee works for £24,000 per annum for 35 hours per week.
Annual hours worked 35 x 52 = 1820 hours.
Hourly rate = 24,000 divided by 1820 = £13.19. This is more than NMW
- Variable pay – this is simpler just ensure basic hourly rate is £9.50 or more from 1st April 2022.
Gov.uk calculator to check if you are paying NMW
Nottinghill Accountants 