Its been announced that the NMW will increase from 1 October 2008, as follows:
Main rate – increases to £5.73 from £5.52
18-21 year olds – increases to £4.77 from £4.60
16-17 year olds – increases to £3.40 from £3.53
Interestingly on a typical 37 1/2 hour week the main rate now gives an annual salary of £11,173 – it makes the P11D limit of £8,500 whereby anyone earning more is classed as “Higher Paid” look increasingly ridiculous.