National Living Wage Rules Introduce Pay Rises Across the UK
April 1, 2016
New laws that insist employers pay their staff who are aged 25 or over a minimum of £7.20 per hour have been introduced throughout the UK as of April 1st 2015.
It is anticipated that somewhere in the region of 1.4 million people around the country will benefit from an immediate pay rise as a result of the introduction of what is being called the National Living Wage.
Expectations are that the changes will benefit more women than men in the short term, with 900,000 female workers and half a million men set to see an increase to their monthly pay packets in the coming weeks.
The government has said that it expects to see 1.9 million women and 1 million men living and working across the UK experience some sort of increase in the amount of money they earn on an hourly basis by 2020.
“The National Living Wage will play a central role in moving Britain to a higher wage, lower tax, lower welfare economy,” said the chancellor George Osborne in a statement.
“It will also mark the end of the gender pay gap for some of our lowest paid and hardest working people,” he said.
The National Living Wage should result in pay increases for many of Scotland’s poorest people and its introduction as a mandatory minimum rate for anyone aged over 25 has been broadly welcomed.
However, there are some who feel that the £7.20 per hour rate will not go far enough in alleviating many of the financial problems that low-income households in Scotland and throughout the UK currently experience.
A broad range of social action groups have been calling for employers to pay what they consider a living wage, which for Scotland refers to an hourly wage of £8.25.
Employers north of the border can voluntarily commit to paying the ‘Scottish Living Wage’ and be officially accredited as having done so by working with the official body created to support and encourage precisely these commitments.
There are currently 519 organisations in Scotland that are accredited as being Scottish Living Wage employers and who pay their staff of any age no less than £8.25 per hour.
If you are struggling to cope with personal finance pressures or with mounting debt problems then Scotland Debt Solutions could help. Call us directly to arrange a free consultation.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]