Business Link has launched a national minimum wage calculator on its website so that businesses can now check that they are compliant with national minimum wage legislation coming into force in the UK in April. The site also includes guidance on what businesses need to do to prepare for the new legislation.
From April 2009, employers who do not comply with the National Minimum Wage rules will be issued with an automatic penalty of up to £5,000. A new way of calculating arrears for workers who have been underpaid will also be introduced. This makes employers liable to pay arrears to their workers at the current minimum wage rate, even if that is higher than the rate at the time of the underpayment. The national minimum wage calculator also helps employers to determine the amount of the arrears owed to an employee, enabling businesses to pay due amounts fairly and on time.
Employment Relations Minister Pat McFadden said: “All employers should be aware of new penalties for breaking minimum wage law that come into force in April. The vast majority of employers want to do the right thing by their staff and this calculator will help prevent them from inadvertently breaching the rules.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more