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News - 19 March 2012

National Minimum Wage for 2012.

The Government has today (Monday) accepted recommendations from the independent Low Pay Commission’s (LPC) for this year’s (2012) National Minimum Wage (NMW) rates to come into effect from the 1st of October 2012:

  • The adult minimum wage rate will increase by 11p to £6.19 an hour
  • The rate for 18-20 year olds will stay at £4.98 an hour
  • The rate for 16-17 year olds will remain at £3.68 an hour and
  • The rate for apprentices will increase by 5 pence to £2.65 an hour.

Business Secretary Vince Cable said:
“I believe that the recommendations of the Low Pay Commission strike the right balance between pay and jobs, and have therefore accepted all the rate recommendations. The Low Pay Commission has done a good job in difficult circumstances.”

John Cridland, Director-General of the Confederation of British Industry also commented, saying:

“Getting growth going must be the Chancellor’s number one priority in this year’s Budget. As we’ve said, one of the best ways we can create activity and new jobs is by attracting investment into our ageing infrastructure.”

He goes on to say

“Congestion on our roads costs the UK economy up to £8 billion a year, so the Prime Minister’s ambition to get much-needed private investment into the strategic network could not have come at a better time. Every £1 spent on infrastructure adds £3 to the economy as a whole.”

If you need any help and advice for your business on Payroll, National Insurance or an Outsourced Accountancy Service, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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