Latest news with #MinimumWage
BBC News
5 days ago
- Business
- BBC News
NI employers named for not paying staff minimum wage
Twenty-eight businesses in Northern Ireland have been named for failing to pay their employees the minimum wage, according to the Department for Business and Trade (DBT).This comes after a significant uplift to the National Living Wage and National Minimum Wage came into effect in department said 518 employers across the UK have been ordered to repay workers over £7.4 million after nearly 60,000 workers have been left out of includes 28 employers in Northern Ireland. The businesses have since paid back what they owe to their staff and faced financial penalties of up to 200% of their for Employment Rights Justin Madders said: "There is no excuse for employers to undercut their workers, and we will continue to name companies who break the law and don't pay their employees what they are owed.""This will put more money in working people's pockets, helping to boost productivity and ending low pay," he added. What are the National Living Wage and National Minimum Wage? The National Living Wage went up from £11.44 an hour to £12.21. The government said the increase was worth £1,400 a year for an eligible full-time National Living Wage has applied to employees aged 21 and over since April 2024. Previously, you had to be pay rates are set by the government every year on the advice of an independent group, the Low Pay CommissionYounger employees - aged between 16 and 20 - receive the National Minimum 18, 19 and 20-year-olds, it rose from £8.60 an hour to £10 on 1 government said the increase is worth £2,500 for an eligible full-time 16 and 17-year-olds, the National Minimum Wage rose from £6.40 an hour to £7.55, an 18% separate apprentice rate, which applies to eligible people under 19 - or those over 19 in the first year of an apprenticeship increased by the same amount. The NI Businesses from the DBT 1. Property Management Services NI Limited in Belfast - 414 employees owed an average £136 per worker2. Elliot's auto engineering in North Antrim - 1 employee owed over £17,0003. Winemark in North Belfast - 186 employees owed over £844. Benedicts in south Belfast - 391 employees owed £375. Philip Russell Limited in Belfast - 111 employees owed £946. Regency Hotel in Belfast - 201 employees owed £997. Wine Inns Ltd in Belfast - 103 employees owed £908. Building Blocks Day nursery in Mid ulster - 45 employees owed £1239. City Office NI Ltd - 2 employees owed £1,80010. Whistledown Hotel in South Down - 46 employees owed £4611. RJ Ferguson in Mid Ulster - 3 employees owed £67012. CPM Electrical in Fermanagh- 4 employees owed £48413. The Village store in West Tyrone - 1 employee owed £172514. Spice restaurant in Lagan Valley - 3 employees owed £55215. R Loughlin Electrical in west Tyrone - 3 employees owed £51416. Annavale Joinery Works - 4 employees owed £36617. Colemans Garden Centre - 35 employees owed £4118. McAleer and McGarrity in Mid Ulster - 2 employees owed £60319. Trinity Park Nursery - 17 employees owed £6020. Birdies Day nursery - 8 employees owed £10221. The Sooty Olive in Derry - 33 employees owed £2422. Kids Korner nurseries in Belfast - 23 employees owed £3323. Safe Gas NI Ltd - 1 employee owed £63924. Kanto Stranmillis Ltd - 1 employee owed £59025. Happy Children Nursery in Strangford - 12 employees owed £4726. Euro Hand car wash - 7 employees owed £7627. Ardmore Pre-cast concrete Ltd - 1 employee owed £52528. Timberquay Ltd in Derry - 14 employees owed £16
Business News Wales
22-05-2025
- Business
- Business News Wales
'Increasing Costs and Uncertainty' Continue to Drive Corporate Insolvencies
Increasing costs and uncertainty are continuing to drive corporate insolvencies, the Wales Chair of insolvency and restructuring trade body R3 has said. Corporate insolvencies in England and Wales increased by 2.9% in April 2025 to a total of 2,053 compared to March 2025's total of 1,996, and decreased by 5.1% compared to April 2024's total of 2,163. Corporate insolvencies increased by 13.2% from April 2023's total of 1,813. Personal insolvencies in England and Wales increased by 7.9% in April 2025 to a total of 10,012 compared to March 2025's total of 9,282, and increased by 4.4% compared to April 2024's total of 9,586. Personal insolvencies increased by 8.2% compared to April 2023's total of 9,252. Bethan Evans, Wales Chair of R3, the UK's insolvency and restructuring trade body, said: 'April's corporate insolvency figures were the highest we have seen since July 2024. 'Creditors' Voluntary Liquidations remain the process companies most commonly enter into and their consistently high numbers reflect the ongoing challenges, high costs and political and economic uncertainty businesses face. It demonstrates the toll these challenges are taking on business finances and confidence in their ability to turn their situation around. 'Compulsory liquidations have also hit their highest level in more than five years as creditors chase down unpaid debts in an attempt to meet their own payment deadlines. This is led by HMRC as the Government attempts to balance the national books. 'Increasing costs and uncertainty are continuing to drive corporate insolvencies. April saw the introduction of the new rates for Employers' National Insurance Contributions and Minimum Wage, which have increased overheads for businesses at an already challenging time. Many businesses will have already increased prices and cut expenditure to try to maintain margins and cope with the existing economic challenges. SMEs in particular will find it increasingly difficult to respond to further cost increases. 'It is unlikely that we will see the full impact this will have on businesses until later in the year, but the prospect of these changes being introduced has influenced a number of directors' decisions to seek insolvency and restructuring advice and consider the future of their businesses. The recent increase in unemployment indicates that the tax increases, along with the Employment Rights Bill coming into force, has also affected hiring levels as management teams wait to see how it will affect their wage bills, and we expect this to continue until the picture is clearer. 'Alongside this, businesses have faced the impact of the introduction of US tariffs. While some of the outcomes from the President and Prime Minister's recent announcement will be a relief to businesses in a range of sectors, a number of tariff details still need to be confirmed. There is no denying their introduction will make it more expensive to export to America. The uncertainty and unpredictability around US trade policy generally is also likely to affect costs, growth and investment as both business owners and lenders assimilate the impact on revenue and profits. 'Looking across the economy, the sectoral picture is a mixed one. Construction continues to be sensitive to fluctuations in the price of materials, hesitancy of clients in commissioning new work and payment terms, while the care sector is trying to navigate how it will manage the Government's proposals to end overseas recruitment for social care visas. On a more positive note, retailers have benefited from the late Easter and improved weather, which has led to an increase in sales, and hospitality has also seen a rise in activity and spending levels. However, there is no escaping the influence the changes to National Insurance and Minimum Wage could have on business finances with more becoming financially distressed.' Bethan, who is a partner at Menzies LLP, continued: 'Turning to personal insolvencies, April's figures were the highest we have seen for this particular month since April 2020 – although the balance between the processes has shifted significantly since then due to changes in the Debt Relief Order (DRO) debt threshold, the administration fee and in regulations around how Individual Voluntary Arrangements (IVAs) are marketed. Compared to March 2024, personal insolvencies are up significantly, with more people entering IVAs and DROs in an attempt to help manage their debts. 'When these figures are combined with those applying for Breathing Space, they suggest that the debt problem in England and Wales, which has been building over the last couple of months, is starting to be reflected in the number of personal insolvencies. This month in particular, IVA and DRO numbers have increased, and Breathing Space numbers have fallen, which could be seen as a sign that more people need practical help addressing their debts than last month. 'April also saw increases in a range of household bills, and this may have been the final straw for those who were already struggling to make ends meet after years of rising costs. For those who are not in this position, it will have led to them taking a closer look at their outgoings and making adjustments to help balance their household budgets. Wage growth has slowed despite falling inflation which remains above the 2% target, and it is very clear that people's money does not buy what it did six or twelve months ago. 'My message to anyone in Wales who is worried about money is a simple one: seek advice as soon as possible. We know how hard it is to talk about your concerns about your finances, but having that conversation while your worries are new gives you more options to address them and more time to take a decision about your next step. Most R3 members in Wales will give prospective clients a free consultation so they can learn more about their circumstances and outline some of the potential options for addressing them.'
The Herald Scotland
23-04-2025
- Business
- The Herald Scotland
Scottish insolvencies rise amid spiralling costs and weaker demand
This represents a rise of almost 4 per cent on 2022-2023's figure of 1,132. The increase has been put down to a greater willingess from creditors to pursue debts, with HMRC the largest and most common applicant to issue a winding-up order in an attempt to recover money for public purse. Private sector creditors have also been following the trend in an effort to balance their own books. Tim Cooper, President of insolvency and restructuring trade body R3 and Partner at Addleshaw Goddard LLP, said that firms were concentrating on staying afloat rather than aiming for growth. He said: 'It may be that the prospect of having to navigate the rises in National Insurance and Minimum Wage, which came in at the start of this month, was too much for some directors and led to them closing their firms while they were still solvent and while the choice to do so was theirs. 'Economic growth remained sluggish and much of the momentum from earlier in the year gave way to flat conditions by the end of the Q4. 'Firms across a range of sectors have faced rising costs, weaker demand, and growing uncertainty about the broader economic outlook, all of which have made it increasingly difficult to plan and operate with confidence.' Firms are targeting 'staying afloat' over growth (Image: Gareth Fuller/PA Wire) He added: 'Rises in Employers' National Insurance and the National Minimum Wage in the Autumn Budget caught many businesses off guard. These increases will particularly affect businesses with a high proportion of lower-paid or part-time roles, including those in retail, hospitality, and social care. 'As the changes take effect, the pressure on margins is being felt across the board, and business owners are facing difficult decisions about how to manage through an already tough environment.' There were 7,412 personal insolvencies during the same time, a decrease of 8.3% from 2023-2024's figure of 8,082, and a decrease of 7.4% on 2022-2023's figure of 8,001. READ MORE: Mr Cooper said: '2024 was another difficult year for households across Scotland. The high and increasing costs of food, energy, and other bills continued to put a strain on personal finances, leading some to rely on food banks or dipping into savings just to cover basic expenses. 'Consumer confidence also took a hit, with people feeling increasingly worried about their financial future and cutting back on non-essential spending as a result. 'The cost of housing also remains a major concern. The end of the rent cap in March is expected to add further financial strain, particularly in urban areas where rents have already risen steeply. At the same time, high mortgage rates continue to affect homeowners. While recent interest rate cuts may provide some relief for new borrowers, those with existing loans remain under significant pressure.'
Yahoo
12-04-2025
- Business
- Yahoo
Here's how to produce a £1,400 second income from a £20k ISA in the next year
Earning a second income sounds like hard work – but it doesn't have to be. In fact, it's possible to build one simply by investing in dividend-paying shares inside a Stocks and Shares ISA. One of the best things about this approach is that it can generate passive income, money that rolls in without lifting a finger. FTSE 100 companies do the heavy lifting, investors sit back and enjoy the results. All free of tax thanks to the ISA wrapper. Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions. Here's how my strategy would pan out. Let's say an investor puts this year's full £20,000 ISA allowance into a basket of FTSE 100 dividend shares. With careful stock picking, they could deliver an average dividend yield of around 7%. If they did that, they could be looking at £1,400 in income over the next 12 months. Any share price growth will be on top of that, but obviously, there's a danger the original capital may shrink in today's volatile markets. One dividend stock I think's worth considering is Land Securities Group (LSE: LAND), one of the UK's biggest real estate investment trusts (REITs). Its shares have had a rough time lately, down 5.5% in the last week and almost 20% over the past year. A mix of trends has worked against it — the shift to remote working has hit demand for office space while high street retail continues to struggle due to the cost-of-living squeeze and march of online shopping. But Landsec's adapting. It's pivoting towards residential property, with plans to build a £2bn platform in the years ahead. At the same time, it's scaling back new office developments to free up capital, and targeting stronger rental income from its £3bn retail arm, which includes successful retail and leisure destinations like Liverpool One. In February, the company reaffirmed its aim to grow earnings per share (EPS) by 20% by 2030, supported by portfolio reshuffles and cost cutting. It also announced that dividends will now be paid twice a year, making things a bit more predictable for investors. Landsec currently offers a juicy trailing dividend yield of 8.01%. That's very attractive, and the shares look decent value with a price-to-earnings ratio just above 10. But as with everything right now, these numbers should be treated cautiously. The wider uncertainty caused by Trump's tariffs could drag on earnings, by knocking business confidence and consumer spending. As with any dividend, whether those payouts hold up depends on what comes next. Retailers are struggling and now have to absorb April's employer's National Insurance hike, along with an increased Minimum Wage. This could hit Landsec's rental income. Struggling companies could also cut back on office space. House prices could dip, hitting the group's residential venture. We are in uncharted waters today. Landsec's ambitious EPS growth target was set before Trumpian volatility, and maybe harder to deliver today. That's why I'd spread this year's ISA across several different shares. That way, if one falters, others might help smooth out the bumps. Markets are likely to stay choppy for a while. But reinvested dividend income can scoop up more shares at today's lower prices and, with luck, keep that second income growing over time. Not just in 2025, but 2026, 2027 and beyond… The post Here's how to produce a £1,400 second income from a £20k ISA in the next year appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has recommended Land Securities Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
12-04-2025
- Business
- Yahoo
After falling 17% in a month, Tesco shares yield 4.3% with a P/E of just over 11!
Tesco (LSE: TSCO) shares have taken quite a tumble, falling 17% in the last month alone. That's big for a company many think of as one of the safer picks on the FTSE 100, but we all know the reason. In this volatile new world sparked by Donald Trump's latest round of tariffs, even reliable, cash-generating businesses like Tesco are feeling the squeeze. Over the past year, the shares are now up just 6%, and that gain is fast evaporating. For bargain hunters, this could be the opportunity they've been waiting for. Tesco's price-to-earnings ratio has dropped to just 11.3. Just a few weeks ago it was trading closer to 15 or 16 times earnings. Meanwhile, the dividend yield has crept back up to 4.28%. Tempting as that may sound, nothing's without risk in these mad times. We got an early signal from Kantar on 1 April when it reported that annual sales growth at UK supermarkets had slowed to their weakest pace in 10 months. There were promotions aplenty as retailers fought for shoppers' wallets. Despite that, Tesco managed to increase its market share to 27.9% with sales of £9.68bn over the period. By contrast, Asda saw its sales fall 5.6%, so the competitive pressures are real and biting hard. Tesco's own update on 10 April was a mixed bag. While 2024 profits rose 10.6% to £3.13bn the board warned things might not be so rosy amid rising 'competitive intensity' and the added cost of employer's National Insurance hikes, Minimum Wage increases, packaging taxes, and more. Commentators were split. Garry White at Charles Stanley was concerned by warnings that management expects profit will fall in the current year. 'Tesco's guidance could prove to be conservative, but it will be a while before we know', he said. Aarin Chiekrie at Hargreaves Lansdown highlighted Tesco's strong position and loyal customer base, suggesting that despite a 'slight pullback in its share price of late, the underlying story looks good as revenue and profits motor higher'. Even if the price war intensifies, customers should stay loyal 'helped by the Aldi price match and Clubcard prices keeping customers loyal', Chiekrie added. The 13 brokers offering one-year share price targets have a median estimate of just under 395p. If that plays out, it would mark a healthy gain of more than 22% from current levels. Of the 16 analysts offering ratings, 10 say Strong Buy, three say Buy, and three Hold. Nobody's calling it a Sell. Broker predictions can never be relied upon, of course, and most will have been made before Trump lit the tariff fuse. The next year or two could be volatile for just about every stock, and Tesco won't be exempt. If a recession takes hold, shoppers will feel the pinch and so will Tesco. Still, with a lower valuation, decent dividend and market leadership, Tesco shares are worth considering today. As ever, investors should aim to hold for a minimal of five years, while hoping the outlook is a little brighter by then. The post After falling 17% in a month, Tesco shares yield 4.3% with a P/E of just over 11! appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has recommended Tesco Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
