Chancellor Phillip Hammond announced the new budget on 29th October 2018, the final budget before the UK leaves the EU late next March. These changes have implications for consumers and businesses all over the UK and are said to prepare the UK for a new chapter in the economy.
The National Living Wage, for workers 25 and over, will rise by 4.9% from £7.83 to £8.21 an hour from April 2019.
These changes will have implications for employers, especially those with large numbers of employees who currently earn the National Living Wage. Costs will of course rise, however there are many benefits that businesses will reap from the new National Living Wage too. A fairer wage can lead to more consistency and productivity of staff, improved continuity, and less absenteeism. These benefits will therefore lead to greater confidence for employers when investing in staff training and personal development, which in turn will lead to better performance.
At Spectrum, we believe investing in our staff ensures a happy and productive workforce. Over the last year, our presence has grown rapidly, and we now operate from 3 bases across Scotland in Paisley, Edinburgh and Aberdeen. As our workforce and clientele continues to grow we will embrace the new National Living Wage and look forward to the opportunities it presents in the future.