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April Changes

4th April 2019

April Changes

The beginning of April is an important time of the year. With the clocks going forward, it’s – supposedly – the start of British Summertime.

However, whilst summer isn’t always guaranteed, one thing is. The beginning of April also marks the start of the new financial year.

As with most years, there are a few changes to wages, taxes and benefits implemented by the Government.

You can find more information on all the changes here, but below is a run-down of a few that may affect you.

National Living Wage increase

The National Living Wage – the minimum hourly rate all people over the age of 25 are entitled to – has risen to £8.21 per hour. This is an increase of about 4.9% on last year.

There are also increases for those under the age of 25. Workers aged 21-24 will now need to be paid a minimum of £7.70 per hour, with the minimum wage rising to £6.15 for 18-20 year olds and £4.20 for workers under 18, who are no longer of compulsory school age.

Pension Contributions Increase

As of 6th April, there is a change to the pension’s auto-enrolment scheme that you should be paying into. Previously, your employer would have been contributing a minimum of 2% of your salary into your pension. This will now rise to 3%.

Your employee contribution will also rise from 3% to 5%, meaning to total minimum contribution increases to 8% from Saturday.

Income Tax Allowance Increase

As with minimum wages, there is also an increase in the personal allowance, meaning lower earners will be able to earn more before they begin paying tax.

The personal allowance will increase from £11,850 to £12,500. There will also be an increase in the higher rate threshold from £46,350 to £50,000.

Statutory Pay Increase

Another change is that to statutory family-related pay and sick pay.

Family-related pay includes statutory maternity, paternity, adoption and shared parental pay. This is go up to £148.68 for pay weeks commencing on or after 7th April.

If you are unfortunate enough to fall ill and require time off work, the good news is that statutory sick pay has also increased. You would now receive £94.25 per week, as opposed to £92.05.

The earnings limit to qualify for all these statutory payments also rises – from £116 to £118. You will therefore only be entitled if your earnings are at least £118 per week.

 

 

 

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