Companies ignorant about impending Minimum Wage rise
David Woods, 01 September 2008
Be the first to comment on this article
A third of small and medium-sized business owners and managers are not fully aware that the National Minimum Wage is due to rise in October.
Almost half (44%) of businesses with fewer than four members of staff have no idea about how the Minimum Wage is to change in a matter of weeks, according to Bibby Financial Services.
The rate is going up by 21p to £5.73 and the Government has launched a national initiative to raise awareness among employers and staff - but just under a quarter (24%) of staff mistakenly believe the rate is rising by 51p.
David Robertson, global chief executive of Bibby Financial Services, said: "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 that fail to abide by minimum wage legislation."
He added: "At a time when business costs are escalating rapidly as the credit crunch continues to bite and fuel costs soar, the rise in the National Minimum Wage could put a significant strain on many small businesses' cash flow."
To post comments please log in here
All Comments
There are currently no comments.
Your Comment