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 rated within the top 1% of approved UK security companies by our Home Office regulator, the Security Industry Authority.
Strengthening the society in which we live, and an Investors in People Gold organisation, SecuriGroup provides innovative and expert solutions to our clients’ security needs. A two-time winner of ACS Champion of the Year, our security management approach shapes the future of the industry by combining physical, electronic, and cyber security to augment our service delivery.