Changes to minimum pay rates and pensions

As from 1st April 2018 there are changes to minimum pay rates and pensions,
just in case you are not aware, we have set out the guidelines as below
for the West Midlands area.

Minimum Wage

Aged 25 and over? Your current rate is £7.50, however this will rise to £7.83

Aged 21-24? Your current rate is £7.05, however this will rise to £7.38 

Aged 18-20? Your current rate is £5.60, however this will rise to £5.90 

Aged below-18? Your current rate is £4.04, however this will rise to £4.20 

Apprentice? Your current rate is £3.50, however this will rise to £3.70 

 

There are a few rules to these rates:

Apprentices are entitled to the apprentice rate if they’re either
a) aged 19 or under or b) aged 19 or over and are in their first year of apprenticeship.

To qualify for the minimum wage, you must be at school leaving age (16 years or older).

 

Pensions 
Currently until 5th April 2018 - Employer's Minimum contribution 1% - Employee's Minimum Contribution 1% - Total 2% Minimum Contribution. 
From 6th April 2018 to 5th April 2019 - Employer's Minimum Contribution 2% - Employee's Minimum Contribution 3% - Total Minimum Contribution 5%.
From 6th April 2019 Onward - Employer's Minimum Contribution 3% - Employee's Minimum Contribution 5% - Total Minimum Contribution 8%.