Statutory Sick Pay for Freelancers is becoming available for the first time
For 1.1. Million gig economy workers in the UK, they lose out on the privileges given to employees such as holiday and sick pay. However, The Department for Work and Pensions wants to change that and has said that freelancers and short-term contract workers might be eligible to receive Statutory Sick Pay if they meet the specific criteria. Find out if you qualify here.
Private-sector sole traders face paying billions of pounds in tax rise
If you’re a sole trader and work within the private sector you will face a rise in tax rates. This comes as a result of the government’s proposal to level the playing field between employees and freelancers, as well as crack down on disguised employment.
Chris Bryce, chief executive at IPSE, finds this unfair, as it would mean that freelancers would be treated as employees and be paying higher rents but without receiving “any of the protections which go with employment”.
UK Wage growth is at it’s highest rate in 11 years
Figures from the Office for National Statistics (ONS) has found that wage growth in the UK is the highest it’s been since 2008, with a record high of 32.75 million people in employement up to the end of May.
Matt Hughes, the ONS Deputy Head of Labour Market Statistics, says these figures show that: “The labour market continues to be strong.”
“The number of self-employed part-timers has passed one and a half million for the first time, well over double what it was 25 years ago
“Regular pay is growing at its fastest for nearly 11 years in cash terms, and its quickest for over three years after taking account of inflation.”
Back a PM who backs your Business Growth
Findings from a study undergone by Enterprise Nation, found that ¾ of British entrepreneurs who own small businesses are looking to grow their business in the next six months. Larger businesses on the other hand are reluctatn to gorw due to the uncertain economic climate.
In order to accomodate small businesses and support the growth of firms in the UK, the government needs to support these entrepreneurials endeavours by lowering taxes, offering grants and helping with funding. And this responsibility will fall on the shoulders of the next Prime Minister.
Could Facebook’s Libra solve the gig economy’s payment issue?
Through the launch of libra, a global digital currency created by Facebook, a gig economy worker who has a Facebook account will be able to receive payment quickly and easily. This will help not only eliminate late payment issues but it will also be a solution for those who don’t have access to a bank account. Find out more about libra here.