Government approve new national minimum wage rate

Minimum WageThe National Minimum Wage is set to rise from October, following acceptance by the government of a recommendation by the Low Pay Commission (LPC). All levels of the minimum wage will rise, including those for an apprentice, which the government has said will increase despite calls from the LPC for the rate to be frozen. National Minimum Wage rises From 1st October 2013 the minimum wage will rise as follows: The adult rate will increase by 12p to £6.31 an hour The rate for 18-20 year olds ...

Retirement: Over 6 million people to receive less than the minimum wage in retirement

A new report has shown that 6.25 million people, aged over 50, will retire with the State Pension as their only form of income. The State of Retirement report from pension provider LV= (Liverpool Victoria) clearly demonstrates the lack of provision many people have made for their retirement. Below the minimum wage Our advisers can help you make the right decision...

Compulsory retirement at 65 now fully abolished

From 1st October, having been phased out since April, the default retirement age of 65 has now been fully abolished. The Employment Equality Regulations 2011 means it is no longer legal for employers to force employees to finish work at age 65. Employers can still force retirement; however it must be based on other factors, age on its own is not enough. Despite the new legislation research from law firm Norton Rose shows that one in 10 firms will still offer financial incentives or ‘golden goodbyes’ for employees who leave their position at a certain age. Paul Griffin, an employment lawyer with Norton ...