The National Living Wage
Not to be confused with the Living Wage Foundation, the National Minimum Wage and the National Living Wage are the legally binding hourly rates introduced in Parliament by the Chancellor of the Exchequer in July 2015.
From April 2018 the National Living Wage will increase to £7.83 per hour from the current rate of £7.50.
Living Wage Foundation Increase
The real Living Wage is a pay rate which is voluntarily paid by over 3,500 UK businesses, enjoys cross party political support, and is adjusted annually by the Living Wage Commission.
The rate is set by a formula based on the real cost of essential goods and services, and on Monday the 6th November, the Living Wage Foundation announced an increase for London and the rest of the UK.
The UK rate has increased by 30p from £8.45 to £8.75 per hour with the London rate rising by 45p an hour from £9.75 to £10.20.
Increases in Minimum Contributions for Automatic Enrolment Pensions (AEP)
Coinciding with the increases in the National Living Wage in April 2018, the minimum contribution by employers for workplace pensions will increase from 1% to 2% in April 2018. The Government has already announced that this rate will increase to 3% in April 2019.
In December 2017, the RPI rate of inflation in the UK rose to 4.1% despite projections by the Office of National Statistics forecast that RPI would peak at 3.6% in 2018.
SecuriGroup must adequately respond to such pressures and keep our costs competitive, ensuring that we can continue to deliver the highest standard of operational support to our 2,500 staff across the UK.
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SecuriGroup is one of the UK's leading security companies, rated within the top 5% by the Security Industry Authority. SecuriGroup is part of the ACS Hall of Fame and is a winner of the prestigious Security Excellence Awards ACS Champion of the Year.
An SIA Approved Contractor, Investors in People organisation, industry accredited for operational excellence; SecuriGroup is an organisation led by industry experts and is focused on meeting the challenges of a modern security industry.