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Tips for SMEs to Prepare for the National Living Wage

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With the National Living Wage coming into force in April 2016, many small and medium businesses are worried about how to cope with the increased wage bill. Elaine Pritchard, HR Policy Consultant at Moorepay, discusses how SMEs can prepare for the new legislation.

The National Living Wage is almost upon us!  It comes into force on 1st April 2016 – just days away.  Are you prepared? How will you handle it?

Hopefully, you have already looked at the impact this is going to have on your company and how you will deal with the new wage rate.  Whether you have or not, this new legislation isn’t going to go away and you can’t ignore it.

So how should you prepare?

With new rate of £7.20 applying to employees aged 25 and over, the first thing you will need to do is to check how many people in your workforce are already 25 or more and how many will soon be celebrating their 25th birthday.

SOURCE: onrec.com