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Northwood employers are being urged to make sure that they comply with changes to minimum wage rates due to come into effect in October, by Northwood Chartered Certified Accountants, Munday Long & Co.
The Forum of Private Business (FPB) has warned that businesses could face severe penalties if they do not raise the hourly rate of minimum wage payments next month.
Munday Long and Co principle, Ray Long explains “As from 1 October the new minimum wage rates all increase. Workers aged 22 and over must be paid a minimum of £5.73 per hour; workers aged 18 to 21, £4.77 per hour; and workers aged 16 to 17, £3.53 per hour.
Employers who fail to pay the legal rate could be fined by as much as £5,000”.
However, a recent survey found that 44 per cent of firms employing just four members of staff (or fewer) are unaware of the pending increase.
Whilst these changes come about every year there is an additional cost involved, it is important for small firms to comply with the law.
“Those that don’t comply risk paying an even higher price. Recent examples show that the government is more than willing to prosecute firms if they are in breach of the legislation”
If you have any questions or concerns about the changes and how they will affect your business, please contact Munday Long & Co on 01923 82 00 88 or visit www.mlco.co.uk.
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