In case the employee is trading days the simplified formula is as follows:
£00,000 gross salary / 52 weeks in a year = £00,000 gross salary per week / 5 working days per week = £ 000.00 daily rate (e.g. employees’ gross salary per day = how much buying a day would cost him/her)
In case the employee is trading hours the simplified formula is as follows:
£00,000 gross salary / 52 weeks in a year = £00,000 gross salary per week / 40 working hours per week = £00.00 hourly rate (e.g. employees’ gross salary per hour = how much buying an hour would cost him/her)
Clients should check the percentage of the Threshold on their scheme in case their employees are stopped from applying at a higher rate than expected.
Read more in the article How do the National Minimum Wage checks work?
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