“A surprising number of small businesses are still oblivious to today's introduction of the National Living Wage. But what is even more frightening is that nearly 9 out of 10 SMEs are unaware of the financial impact it will have on them. Collectively, SMEs could be hit with up to £1.67bn in additional costs. It’s not just the higher wage bill that will affect their bottom line but also the associated costs, such as national insurance, pension contributions and overtime pay, as well. SMEs in particular, need to make long-term plans around the National Living Wage increase if they don’t want to drown in crippling fines and unexpected additional costs, which could spell doom for their business. The good news is it is not too late for SMEs to become compliant but only if they take action right away.”
National Living Wage: Comment from Moorepay
With the National Living Wage coming into affect today, Alison Dodd, CEO of Moorepay comments:
