National Minimum Wage and National Living Wage rates will increase to the following on 01/04/2022:
- Aged 23 and over £9.50
- Aged 21 to 22 £9.18
- Aged 18 to 20 £6.83
- Under 18 £4.81
- Apprentice (in first year of an apprenticeship) £4.81
For further information, please see the GOV.UK guidance page by clicking here
Student Loan Repayment Thresholds for 22/23 will be:
- Plan 1 – £20,195
- Plan 2 – £27,295
- Plan 4 – £25,375
- Postgraduate Loan – £21,000
The percentage rates will remain the same as previous years (9% for Plans 1, 2 & 4, and 6% for postgraduate loans).
For further information, please see the GOV.UK guidance page by clicking here
Health and Social Care National Insurance will increase by 1.25% for both employees & employers. The new main rate (above the primary threshold up to the upper earnings limit) will be:
- Employee (Class 1) – 13.25%
- Employer (Class 1) – 15.05%
This rate increase of 1.25% will also apply to Benefits (Class 1A & 1B) and Self-employed (Class 4) contributions too.
For further information, please see the GOV.UK guidance page by clicking here