With the 2019 tax year ending on the 5th April, there has been a number of announcements made by HMRC & the Pension Regulator. One of which is the increase for the national minimum wage. The changes are as follow:
- 25 & over £8.21 Per Hour
- 21 to 24 £7.70 Per Hour
- 18 – 20 £6.15 Per Hour
- Under 18s £4.35 Per Hour
- Apprentice £3.90 Per Hour
The Pensions Regulator has also sent out reminders that the percentage of the deductions taken from eligible employees for their pension contributions will be increasing. The minimum contributions for employees is 5% of their qualifying earnings and the minimum contribution from the employer is now 3% of the employee’s qualifying earnings.
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