Increases to the National Minimum Wage across the board means that Islanders will, from today (Wednesday 1st April), see a boost to their wage packet.
The coronavirus crisis has brought about a challenging time for all workers and business owners in all sectors. Today’s wage increase will help some, but may not help the businesses who are funding the increase.
The least well-paid in society, who seem to be at the forefront of keeping Britain safe and working, will really feel the benefit of the wage increase. For example, a 30-year-old working 40 hours a week on NMW will see their before-tax pay increase from £328.40 to £348.80 – an extra £20.40 per week.
The Government are yet to announce what the Personal Tax Allowance will be for 2020-21, as well as other figures such as the Dividend Allowance.
The new national minimum wage rates for 2020-21 are:
|April 2019||April 2020|
*16 year olds above school leaving age
**Apprentices below age 18 and older apprentices in first year of training. Other apprentices are entitled to the relevant age-based minimum wage rate