Latest news with #NationalMinimum
Pembrokeshire Herald
5 days ago
- Business
- Pembrokeshire Herald
Workers to receive wage boost as government cracks down on underpayment
THOUSANDS of workers in Wales are set to benefit from a financial uplift as the UK Government delivers what it calls the most significant upgrade to workers' rights in a generation. The Department for Business and Trade has confirmed that 21 employers in Wales have been named and shamed for failing to pay the National Minimum Wage. These employers are among 518 businesses across the UK who have been ordered to repay over £7.4 million to nearly 60,000 underpaid workers. Investigations by HM Revenue and Customs (HMRC) into these breaches took place between 2015 and 2022. All of the businesses named have since repaid the wages owed and faced financial penalties of up to 200% of the underpayment. This action forms part of the UK Government's wider Plan for Change, which includes a major uplift in the National Living Wage (NLW) and National Minimum Wage (NMW). The April 2025 increase has given full-time workers on the NLW a £1,400 annual pay rise, benefitting around 150,000 workers in Wales alone. Minister for Employment Rights, Justin Madders MP, 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. Ensuring workers have the support they need and making sure they receive a fair day's pay for a fair day's work is a key commitment in our Plan for Change. This will put more money in working people's pockets, helping to boost productivity and end low pay.' The Government says these measures reflect its ongoing commitment to building a stronger economy by ensuring financial security for workers and taking firm action against non-compliant employers. National Minimum and Living Wage Rates: Category 2024 Rate 2025 Rate National Living Wage (21+) £11.44 £12.21 18 to 20 £8.60 £10.00 Under 18 £6.40 £7.55 Apprentice £6.40 £7.55
Leader Live
29-05-2025
- Business
- Leader Live
Millions of workers could see £6,000 boost to pension pots
Reforms in the Pension Schemes Bill propose that multi-employer defined contribution pension schemes and local government pension scheme pools operate at megafund level, managing at least £25 billion in assets within the next five years. The Government plans to double the number of UK pension megafunds by 2030. This could result in an investment of £50 billion in infrastructure projects, which the Treasury hopes will boost the economy and drive up higher returns for savers. Since taking office we've delivered pay rises for over 3 million workers by increasing the National Minimum and Living Wage, and secured trade deals with key international partners. Today I spoke to the unions about our ongoing commitment to working people. Chancellor Rachel Reeves said: 'We're making pensions work for Britain. These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses – the plan for change in action.' The Treasury said the schemes are expected to save £1 billion a year through economies of scale and improved investment strategies. Under the reforms, the local government pension scheme will be consolidated, reducing the current 86 administering authorities into six pools. Deputy Prime Minister Angela Rayner said: 'The untapped potential of the £392 billion local government pension scheme is enormous. Recommended reading: 'Through these reforms, we will make sure it drives growth and opportunities in communities across the country for years to come – delivering on our plan for change.' Sir Steve Webb, a former Liberal Democrat pensions minister who is now a partner at consultants LCP (Lane Clark & Peacock), described it as a 'truly a red letter day for pension schemes, their members and the companies who stand behind them'. He said: 'The Government has clearly been bold in this area and this opens up the potential for this surplus money to be used more productively to benefit scheme members, firms and the wider economy.'
South Wales Guardian
29-05-2025
- Business
- South Wales Guardian
Millions of workers could see £6,000 boost to pension pots
Reforms in the Pension Schemes Bill propose that multi-employer defined contribution pension schemes and local government pension scheme pools operate at megafund level, managing at least £25 billion in assets within the next five years. The Government plans to double the number of UK pension megafunds by 2030. This could result in an investment of £50 billion in infrastructure projects, which the Treasury hopes will boost the economy and drive up higher returns for savers. Since taking office we've delivered pay rises for over 3 million workers by increasing the National Minimum and Living Wage, and secured trade deals with key international partners. Today I spoke to the unions about our ongoing commitment to working people. Chancellor Rachel Reeves said: 'We're making pensions work for Britain. These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses – the plan for change in action.' The Treasury said the schemes are expected to save £1 billion a year through economies of scale and improved investment strategies. Under the reforms, the local government pension scheme will be consolidated, reducing the current 86 administering authorities into six pools. Deputy Prime Minister Angela Rayner said: 'The untapped potential of the £392 billion local government pension scheme is enormous. Recommended reading: 'Through these reforms, we will make sure it drives growth and opportunities in communities across the country for years to come – delivering on our plan for change.' Sir Steve Webb, a former Liberal Democrat pensions minister who is now a partner at consultants LCP (Lane Clark & Peacock), described it as a 'truly a red letter day for pension schemes, their members and the companies who stand behind them'. He said: 'The Government has clearly been bold in this area and this opens up the potential for this surplus money to be used more productively to benefit scheme members, firms and the wider economy.'
