Productive People’s Post

Are you ready for the minimum wage increase? As a business owner or manager, you need to be ready for the minimum wage rates increase from 1 April 2024. The details of the increase are: ⬆ Adult minimum wage will go up from $22.70 to $23.15 per hour. ⬆ Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour. All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support. If you have not yet talked to your Advisors now is the time. It is also an opportunity to check your employment records, processes and systems are current. Here is a helpful step-by-step guide from MBIE https://lnkd.in/gf6NHQ2Y #employmentcompliance #ideaspeopletrust

Interesting thought for you this afternoon: Raising the dollar amount of minimum wage may hurt more than it helps. While it may seem like a solution to poverty, once companies adjust their prices to compensate for the higher rate, the increase in pay no longer has the intended benefit. Minimum wage employees are typically in fields like gig work or at the bottom of the experience and skillset food chain. That gallon of milk going up to $9 is really going to make that $15/hr minimum wage feel rough. It's important to note that we can't spend our way out of debt or poverty. Instead, we need to make folks aware of the value found in the skilled trades and in technical colleges versus traditional four-year colleges. It's time to recognize the value of these options and help future generations avoid the burden of student loan debt. We have multiple generations alive today that did not find this value and fell into that trap, working minimum wage jobs and loaded with student loan debt. Let us learn from the past, from our mistakes, and not continue to repeat our folly.

Minimum wage rates increase from 1 April 2024 - are you ready? As a business owner or manager, you need to be ready for these increases: * Adult minimum wage will go up from $22.70 to $23.15 per hour. * Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour. * All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support. If you have not yet talked to your accountant now is the time. It is also an opportunity to check your employment records, processes and systems are current. Here is a helpful step-by-step guide from MBIE: https://lnkd.in/gf6NHQ2Y

A First Step to Financial Inclusion: Why Early Wage Access Shouldn't Be Regulated as a Loan" Early Wage Access (EWA) programs have been a source of financial empowerment for many individuals, providing them with the flexibility to access their earned wages ahead of the traditional payday. However, the recent stance taken by the Consumer Financial Protection Bureau (CFPB) on categorizing EWA programs as credit products has sparked a debate within the financial industry. In this blog post, we delve into the reasons why the CFPB should not regulate Early Wage Access as a loan. Financial inclusion: Early Wage Access (EWA) programs have been a source of financial empowerment for many individuals, providing them with the flexibility to access their earned wages ahead of the traditional payday. However, the recent stance taken by the Consumer Financial Protection Bureau (CFPB) on categorizing EWA programs as credit products has sparked a debate within the financial industry. In this blog post, we delve into the reasons why the CFPB should not regulate Early Wage Access as a loan. Datos Insights #financialinclusion #EWAprograms #CFPB #financialflexibility #regulationdebate

As a salary earner, once you notice your salary is not enough what you should be thinking of is not where to borrow money from. Rather, you should be thinking of how to create an alternative source of income.

How you think you should save money on minimum wage - Put your money in the bank - Store your savings in one account - Take out 20% savings from the amount after expenses How you ACTUALLY save money on minimum wage:- - Pay yourself first: --Take out your savings before settling any bill - Store your savings in different high-yielding accounts - Have a MMF - Have a Bonds account - Have a REITS investing account - Consistently distribute your savings and trust time Saving in the bank is good but interest-yielding accounts are better Make your money work for you Avoid watching your money devalue slowly Ps. Grab your free budgeting template here:- https://lnkd.in/dbWJsnde

It’s budget day, so let’s talk about money. If you’re paying anyone less than £25,000 in London, you need to give them a pay rise. From May, the real living wage increases to £13.15 an hour, or around £25,000 FTE. If you can’t afford this, you can’t afford to employ people. The government’s living wage is not a living wage. No matter what the law might allow, paying apprentices or those under 21 minimal wages is unacceptable. It also directly impacts both your employer brand and the quality and diversity of talent you’re hiring. I’d love to see a significant uplift in the minimum wage today. What’s on your wishlist?

NATIONAL MINIMUM WAGE RISES TO £12.21 I've said it before and am happy to.admit that I'm not intelligent (honestly, I'm not). But.....this isn't the answer, is it? So. I'll put my prices up to cover this. My clients will in turn either stop using me or put their prices up to cover. In turn, goods in shops will go up to cover that. Making everything too expensive for people to buy.... So minimum wages will have to go up to cover it.... again... and the same cycle of useless solutions happens again. Is this what it is? Or am I missing something and proving my simplisitc thickness of business to the world? #budget #nmw #nationalminimumwage #career #job https://lnkd.in/eshfhUmJ

Earned wage access products are often marketed as a solution to financial stress, but they can trap workers in a cycle of debt that's more insidious than traditional payday loans. According to the CFPB [https://lnkd.in/eqQFBnjk] ,EWA products, which typically have an APR of 110%, are actually more expensive than the credit cards available to those with poor credit. Our recent comment to the CFPB underscores why merely disclosing APR is insufficient. These products don't just add to existing debt—they introduce new financial pressures, compounding the challenges workers already face. We call for more robust regulation to truly safeguard vulnerable workers from these exploitative practices. Discover more about why a deeper approach to regulation is essential: https://lnkd.in/ekZNq7BX

📢 UK Budget Announcement • As your feed keeps reminding you, Chancellor Reeves has announced the latest Budget! • Changes will take effect from April '25 💷 National Minimum Wage • For 18 to 20 year-olds, this will *increase by £1.40 per hour* (from £8.60 to £10) • For 16 and 17 year-olds, this will *increase by £1.15 per hour* (from £6.40 to £7.55) 💡MoneyCircuit Insight • You can set-up an Investment Savings Account ("ISA") with only £1 • This is *less* than the hourly minimum wage increase!! • By taking this step, a young person can start their savings journey early to reap greater rewards in the future Want to know about ISAs? Follow us for real, simple & practical financial information. #financialeducation #financialliteracy #money #finance #budget2024 #minimumwage #UK #UKeconomy