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The Minimum Wage and its Impact on Payroll

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Employee wages have taken centre stage following George Osborne’s first post-election budget which heralded the arrival of the National Living Wage. Under the National Living Wage, employees over 25 will receive £7.20 an hour, rising to £9 per hour by 2020. The timing is challenging for businesses, with annual earnings rising at their fastest rate for five years – 3.2% annual rise to June 2015.

This announcement has sent shock waves through UK companies, what is the impact on bottom line costs – including Auto-Enrolment contributions? Does this compromise plans to introduce flexible pay and benefits designed to boost employee retention?

SOURCE: blog.bondpayrollservices.co.uk

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