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Confusion at minimum wage increase
Small businesses remain confused about the minimum wage increase on 1 October.
A survey by Bibby Financial Services found that 31 per cent of small business owners and owner managers are not fully aware of the increase, while 44 per cent of businesses with four employers say they are completely unaware of it.
David Robertson, global chief executive of Bibby, says: ‘It is worrying that there is still so much uncertainty among small businesses about [National Minimum Wage] levels, particularly when the government is introducing tougher penalties for firms who fail to abide by minimum wage legislation.’
In addition, many small business owners are equally confused about the rate for adults aged over 22. Almost a third of the 301 respondents say they don’t know what the exact rate is, while nearly a quarter mistakenly believe it is rising by 51p to £6.03 – when in fact the rate is only going up by 21p to £5.73.
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