National Minimum Wage – Budget Report 20 March 2014
National Minimum Wage (NMW)
The current NMW rates are as follows:
|Age||21 and over||18-20||16 and 17||Apprentice rate*|
|From 1 October 2013||£6.31||£5.03||£3.72||£2.68|
|From 1 October 2014||£6.50||£5.13||£3.79||£2.73|
* Rate applies to apprentices under 19, or those 19 and over in the first year of apprenticeship.
National Minimum Wage fines
New rules that came into force in February mean that the maximum penalties levied for firms failing to comply with minimum wage regulations have increased. For each underpaid worker, the firm must now pay £20,000, up from £5,000, plus a financial penalty of 100% of the missing wages rather than the previous 50%.
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