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Coronavirus Testing available for shop workers

30 Apr 2020

The Government has extended COVID-19 testing to essential workers with symptoms and people who live with essential workers and have symptoms. This includes anyone with symptoms whose work cannot... Read more…

Best practice on offering and processing ‘card not present' payments

23 Apr 2020

This guidance is designed to inform retailers about best practice on offering and processing ‘card not present' payments during the Covid-19 outbreak.
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Get ready to make your claim under the Coronavirus Job Retention Scheme today!

20 Apr 2020

As of today employers can make a claim through the Job Retention Scheme if they have put their employees on temporary leave (furlough) because of the coronavirus (COVID-19) outbreak.
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Protect your business from fraud and scams!

14 Apr 2020

How fraudsters are convincing you to make urgent payments, and some practical security measures to help protect your business and keep your payment control processes robust
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COVID-19: "Find an open bike shop" website launched by ACT and BA

9 Apr 2020

The ACT and the BA together have created a tool whereby key workers and others can quickly find open bike shops.
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Future of speciality retail under challenge by big business

9 Apr 2020

The IRC, has identified that independent retail business owners personally fall through the gap in the Government's Coronavirus Business Support Programme.
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Government pressures banks to support small independent businesses

3 Apr 2020

The Business Secretary has called on high street lenders to ease access to the Coronavirus Business Interruption Loans Scheme (CBILS) for small independent retailers during the crisis.
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National Living Wage Increases and Future Targets

2 Apr 2020

The National Living Wage and National Minimum Wage rates increased yesterday, following recommendations made to the Government by the Low Pay Commission
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Local Bike Shop Day 2020 postponed following retailer vote

31 Mar 2020

As Local Bike Shop Day is a day encompassing the whole trade, the final judgement was given to the bike shops that had signup to take part. Out of all the respondents the overwhelming majority -... Read more…

IRC supports Government's challenge to business insurers

31 Mar 2020

The Treasury Select Committee led by Mel Stride MP, has challenged the Association of British Insurers (ABI) regarding the support offered to business via their members, with specific regard to... Read more…

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National Living Wage Increases and Future Targets

Posted on in Business News, Cycles News, Political News

The National Living Wage and National Minimum Wage rates increased yesterday, following recommendations made to the Government by the Low Pay Commission (LPC).

This short report accompanies the 2020 increases in the National Living Wage (NLW) and National Minimum Wage (NMW). This year's increase in the NLW, to £8.72, brings the rate to the target of 60 per cent of median earnings, originally set in 2015. The report looks at the effect of the National Living Wage over time on pay and employment over that time period. 

The Government has set a new target for the NLW to reach two-thirds of median earnings by 2024. The report sets out how the LPC will approach its new remit and the higher target. At this stage a projected pathway to the 2024 target has now been set out, given uncertainty about the impact of the ongoing Covid-19 outbreak.

The Low Pay Commission have stated they will consider the impact of the COVID-19 outbreak on the future of the National Living Wage targets, which is set to reach two thirds of median earnings by 2024, by considering two options:

1) Reducing wage rates in a given year, but commit to reach existing targets by 2024

2) Delay the timeframes for meeting the NLW target.

The full The National Minimum Wage in 2020 document is available here.

 

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