With a new tax year comes a change in the national living wage. From the 1st April 2018 workers over 25 will receive a wage increase of 4.4% or 33p an hour, while the biggest increase is for 18-20 yr. olds who will see a wage rise of 5.3%. There is also a wage increase for apprentices, under 18s and 21 – 24, below is the changes from the last financial year:

• Previous Rates 17/18
• Apprentice – £3.50
• Under 18 – £4.05
• 18 to 20 – £5.60
• 21 to 24 – £7.05
• 25 and over – £7.50

• Rates – 1st April 2018
• Apprentice – £3.70
• Under 18 – £4.20
• 18 to 20 – £5.90
• 21 to 24 – £7.38
• 25 and over – £7.83

With the increase in minimum also comes other important changes to pensions. From the 6th of April 9 million workers who have auto-enrolment pensions will now pay in a minimum of 3% rather than the previous minimum of 1%. Although this adds up to several hundred pounds a year more, the employee will get further benefits such as a 2% contribution from their employers and greater tax relief.

Read more at about the changes to minimum wage and pensions at:
www.bbc.co.uk/news/business-43582249