State Pension reform – The Government will reform the State Pension into a single tier pension for future pensioners. The new system will be introduced early in the next Parliament and will be set at a level above the means-tested standard Guarantee Credit and all State Pension records will be recognised.
State Pension age – The Government will commit to ensuring the State Pension age is increased in future to take into account increases in longevity and will publish proposals at the time of the OBR’s 2012 Fiscal sustainability report.
Auto-enrolment – As announced by DWP in November 2011, the timetable for pension auto-enrolment will be adjusted so that no small employers (fewer than 50 employees) are affected by the reforms before the end of this Parliament.
National Minimum Wage (NMW) rates – As announced by the Department for Business, Innovation and Skills on 19 March 2012, the Government accepts the Low Pay Commission’s recommendation for below inflation increases to the adult NMW rate, to £6.19 per hour, and the apprenticeship rate, to £2.65 per hour, and to freeze the youth rates. These changes will take effect from October 2012.
Real Time Information – Following consultation, a regulation-making power will be introduced to facilitate the provision of information required for the operation of Real Time Information for PAYE. (Finance Bill 2012)
PAYE penalties – The Government will consult before the summer on a new model for PAYE late payment and late filing penalties, ahead of the main roll-out of Real Time Information in October 2013. (Finance Bill 2013)
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