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📢 Autumn Budget 2024: Key Updates for HR Professionals 📢 Today’s budget announcement covers several areas with significant impacts for HR and people leaders. From changes in the Living Wage to tax adjustments, the updates are worth a closer look to see how they could affect your people strategies and organisational planning. Check out People Management magazine's breakdown of the key takeaways here: Autumn Budget 2024: https://lnkd.in/de7bFCjk #AutumnBudget2024 #HRInsights #PeopleStrategy #EmployeeWellbeing #HRBudget #PeopleManagement

The real cost of the UK Autumn Budget isn't what you think. Everyone's talking about: 1️⃣ 15% Employer NI (up from 13.8%) 2️⃣ £12.21 National Minimum Wage 3️⃣ £40bn in tax rises But here's what smart employers are focusing on instead: → Salary sacrifice opportunities → Recognition programme optimisation → Strategic benefit redesign Because when employer costs go up, you need more than just budget cuts. You need a smarter approach to employee experience. We've broken down exactly how leading companies are turning these challenges into opportunities. https://lnkd.in/eJ85Dd2V #UKBudget #HR #EmployeeBenefits

📢 Employment Experts React to Rachel Reeves' Budget 2024 📢 Curious about how these changes might impact your business? Check out the full article. https://lnkd.in/eb6J4AAy #HR #Employment #Budget2024 #BusinessInsights #StayInformed

I’ve already had two conversations today with clients on how we can help them with salary sacrifice schemes and recognition. The link to the ebook below could be interesting for you……

🚨 Essential weekend reading alert! 🚨 Key Employment Takeaways from the Autumn Budget 2024 ... The recent Autumn Budget has introduced significant changes impacting employers - from National Insurance adjustments to wage increases and shifts in tax regulations. These changes will shape HR and employment approaches in the coming year. For a detailed breakdown and guidance on navigating these updates, check out my full article below. #EmploymentLaw #AutumnBudget2024 #HR #BusinessBudget Michelmores

The recent budget changes announced by Chancellor Rachel Reeves bring significant updates for business owners and employers. From an increase in the National Living Wage to adjustments in Employer National Insurance Contributions, these changes impact payroll costs, hiring practices, and long-term financial planning. How will your business adapt? This breakdown from Driver Hire (Torbay), part of the Driver Hire Nationwide network, covers essential insights for preparing your budgets, reviewing employment policies, and taking advantage of available relief. Whether you're in retail, hospitality, or any other sector, understanding these changes is crucial to maintaining stability in the face of rising costs.

The recent budget announcement has left many business owners wondering, “What’s next for my business?” Here are the key changes announced by Chancellor Rachel Reeves—and what they mean for you. 1. National Living Wage Increase • Effective April 2025, the National Living Wage will rise by 6.7% to £12.21 per hour. • Total hourly employment cost increase: £1.35 (8.78% rise). • Impacts: Higher payroll costs over a 40-hour work week. 2. Employer National Insurance Contributions (NICs) • NICs will increase by 1.2 percentage points to 15%. • Lower earnings threshold drops from £9,100 to £5,000. • Projected impact: Higher NIC payments for more employees, increasing total payroll costs. 3. Employment Allowance Boost • Doubling from £5,000 to £10,500. • Removal of the £100,000 eligibility threshold, opening relief to more employers. • Projected impact: Relief for smaller businesses to offset wage and NIC increases. 4. Business Rate Reduction Relief • Rate relief for small businesses drops from 75% to 40%. • Projected impact: Higher operational costs, especially for retail, hospitality, and leisure. 5. Employment Rights Bill Changes • Zero-hour contract regulations, limits on “fire and rehire” practices, and new requirements for bereavement and parental leave. • Action: Review and update employment policies to stay compliant. What’s Next? To navigate these changes, here are key actions for you to focus on: • Review Payroll: Update payroll systems for wage and NIC increases. • Budget Adjustments: Factor in new costs for an accurate financial plan. • Employment Policies: Ensure compliance with new Employment Rights requirements. • Leverage Relief: Apply for the increased Employment Allowance if eligible. • Plan for Sector-Specific Costs: Retail, hospitality, and leisure sectors should adjust for increased staffing expenses. The financial landscape for recruitment and staffing is shifting. Want to discuss how these changes will impact you? Reach out and call our team, Tom, Lewis, Taylor, Jade, Mark or Ben, on 01364 644149 to schedule a conversation. #recruitment #staffing #payroll #budget2024

📣 Attention Business Owners and HR Managers! 📣 Starting 1 July 2024, the Australian minimum superannuation rate has increased from 11% to 11.5%. This change could impact your payroll calculations in two ways depending on your employment contracts: Base Salary Contracts: Your gross salary remains the same, but super contributions will rise, increasing payroll costs. Total Remuneration Contracts: Gross salary decreases by 0.5%, while super increases, with no additional business costs. Avoid getting caught out! Ensure you’re compliant. Need help or want us to check your calculations? Contact TPP today! #ThePeoplePlugin #Payroll #Superannuation #Compliance #TPP

Labour’s Autumn Budget announcement has introduced several key changes for employers. With increases in the National Living Wage, higher employer National Insurance Contributions, and strengthened employment rights, these adjustments aim to support workers and drive growth however, they could challenge smaller employers. Click here for more details: https://heyor.ca/FQbWiM #AutumnBudget #EmploymentLaw #NationalLivingWage

💷On the 30th October 2024 the new Labour government delivered its first budget to the House of Commons. The budget is set to raise public spending, tax and government borrowing compared to the previous government’s plans. 💭For HR professionals, understanding the implications of these changes is essential as they could reshape business strategies, hiring practices and employee management. Understand the details with our recent article⬇️ https://lnkd.in/eXBBgCBY #Labour #LabourGovernment #LabourBudget #HRleaders #HRcommunity #UKHR #PeopleProfessionals #HRstrategy #PeopleStrategy #HiringPractices #EmployeeManagement