As April 2024 approaches, businesses must prepare for the National Living and Minimum Wage Increases. At enlightenHR, we offer HR advice throughout Bath, Bristol and Devon, and understand the importance of this transition for both employers and employees. To streamline the process, we’ve created a template letter for employers to notify their minimum wage employees about the upcoming pay increase effective from 1st April 2024.
Considerations for Employers:
- Adjustments in Pension Contributions: An increase in wages could lead to higher pension contributions for both the employer and employee, depending on earnings thresholds.
- Changes to Employers’ National Insurance Contributions: Similar to pension contributions, there may be an increase in Employers’ National Insurance, based on the revised earnings thresholds.
- Maintaining Pay Differentials: The adjustment in NLW/NMW rates could narrow the pay differential between minimum wage workers and those earning more. Employers should be ready to address potential queries regarding other salary adjustments.
For a detailed overview of all statutory rate changes for 2024, we’ve compiled a comprehensive resource. Please email us here to find out more.
Adapting to these changes is crucial for maintaining compliance and supporting your team. For more information or to discuss how these updates impact your business, please contact us.
Holly Mapstone is an HR expert and specialises in helping those of you in the SME sector with all of your HR needs.
Consultancy allows Holly to be agile and to adapt her style and support to suit the needs of her clients. Building strong working relationships allows Holly to deliver improvements, while also aligning people strategy to business outcomes and promoting resilient and positive cultures.
Need Advice?
If you need a hand with any of this, or anything else when it comes to the people and practices in your business, we’d love to help. We are always happy to debate the pros/cons, dos/don’ts with you so please do talk to us if we can help in any way, we are here to support you. Just give us a call and arrange a free consultation. You can talk to Alison directly on 07967 221595 or email info@enlightenhr.com