National Minimum Wage to increase by 20p an hour from October 2015
Monday, March 9, 2015
The National Minimum Wage will increase to £6.70 per hour from 1st October 2015, the Prime Minister announced yesterday.
The National Minimum Wage for apprentices will increase by 57p an hour to £3.30 and the rate for 16 to 17 year olds will be £3.87. The statutory minimum for 18 to 20-year-olds will also go up by 3% from October, from £5.13 to £5.30.
The government is also putting employers in control of the funding for apprenticeships by introducing a new digital apprenticeship voucher. Apprenticeship vouchers will further simplify things for employers and give them the purchasing power over the government contribution to apprenticeship funding. The employer would register their details on a system being developed by the Skills Funding Agencyincluding their type of business, the details of the apprentice and the apprenticeship standard being signed up to. The discounted rate, which could be up to 100% for 16 to 18 year olds, at which employers can purchase training would be calculated and the employer would be able to pass on the voucher code to the provider that is delivering the training for their apprentice. The provider would then reclaim the value of the voucher from the Skills Funding Agency.
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Article Source: https://www.gov.uk/government/news/pm-and-dpm-announce-increase-in-the-national-minimum-wage