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The budget announced on 18 March 2015 raises the following points for employers to note:
Following the Low Pay Commission's recommendations, the national minimum wage will be increased to £6.70 this autumn with the hope that it will be increased to over £8 by 2020.
From this April, employers will no longer be required to pay national insurance contributions (NICs) for employees under 21 years old and in April 2016 employers will no longer be required to pay NICs for young apprentices. Class 2 NICs for the self-employed will also be abolished in the next parliament.
The government welcomed the recommendations of the Office of Tax Simplification (OTS) on employment status, including providing better employment status guidance, setting up a HM Revenue and Customs employment status helpline and allocating more resources to this area. Recommendations will be put forward in the next parliament.
In addition, it is important to note that the OTS' recommendations for replacing the £30,000 exemption on termination payments with an income tax relief that is available in the case of a statutory redundancy, have not yet been implemented.