This year is proving to be a busy year for legislative updates. Aside from the usual wage updates, payslips are due to change, increasing transparency for both you and your employer.
The current scenario
Under current legislation, most workers must be issued their own payslip on or before their pay date. The only exception is if you define yourself as being self-employed. Your payslip can be provided either online or as a hard copy. This must include the following:
- Your gross pay
- Variable deductions
- Fixed deductions
- Your net pay (this is your gross pay minus any deductions)
What are the planned changes?
The government estimates that just under 300,000 eligible workers do not receive a payslip. From the 6th April 2019, these workers must be provided with one. In addition to the points above, your payslip must show the number of variable hours you have worked. However, this is only required if you receive a different wage depending on the hours you’ve worked.
How could this affect me?
As both your income and hours are expected to fluctuate whilst contracting, the hours that you’ve worked will be noted on your payslip. For example, if you are paid on an hourly rate basis, then you should expect to see the hours you have worked on your payslip.
The changes are designed to improve the transparency between you and your employer or client, and to resolve any disputes that may happen. There is further guidance available online.
How can we help?
At Parasol, we always ensure complete compliance with legislation, making us the perfect partner to take care of your payslips as we’re with you all the way. If you have any unanswered questions regarding your payslip and the upcoming changes, please do not hesitate to contact us.