Post Covid Fears for SME’s Following the Autumn Budget Increases
Posted on 18th February 2022 at 11:30
Employers are advised that with the planned increases to the national living wage and minimum wage that they are careful that they do not pay staff less that they are due.
This year in the Autumn Budget, Rishi Sunak announced that the National Living Wage will increase from 1st April 2022 to £9.50, for those aged 23 and over, seeing a 6.6% increase from last year.
The National Minimum Wage for all other age brackets will also go up, with Apprentice’s seeing the biggest increase of 11.9% from the current rate of pay.
Statutory maternity pay, statutory paternity pay, shared parental pay, adoption pay, maternity allowance, and statutory parental bereavement pay and statutory sick pay will all also have their usual annual increase.
Although these intended increases are meant to improve the living standards of many, SME’s are worried about the impact this could have on their fragile businesses and that the increases may ultimately result in being the final nail in their post-covid coffins.
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