Rocketpaye Newsletter - No.3 - December 2023

NEWSLETTER | 03

DECEMBER 2023

2024 Happy New Year!

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2023 01992 929170

info@rocketpaye.co.uk

CONTENTS 03 A WORD FROM OUR DIRECTOR 04 WHY ROCKET PAYE? 06 INDUSTRY INSIGHTS 07

SECTOR IN THE SPOTLIGHT

08 NEW TO ROCKET PAYE THIS MONTH 09 CONTRACTOR CORNER 10

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GET IN TOUCH

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A WORD FROM OUR DIRECTOR As we come out of the festive season, I wanted to take a moment to express my heartfelt gratitude to each member of our exceptional team and our valued clients. Your dedication and collaboration have been the cornerstone of our success throughout the last year.

Looking back on our journey, I am proud of the strides we’ve made in enhancing both the worker and client experience. Our commitment to continuous development remains unwavering, and we are dedicated to providing an environment that encourages growth, innovation, and unparalleled service. A particular highlight for me, was of course winning the Best Umbrella Company 2023 award, something we never thought we would be in the position to win at the time.

In the spirit of the season, I extend my warmest wishes to you and your loved ones. I hope the festive period brought joy, peace, and moments of reflection on the achievements and lessons of the past year.

groundbreaking initiatives that will further elevate our standards, pushing the boundaries of what we can achieve together. Stay tuned for announcements throughout January as we embark on this thrilling journey.

I am genuinely excited about the path ahead and the opportunities it presents for all of us. Your continued dedication and loyalty are the driving forces behind our success, and I have no doubt that the coming year will be filled with even greater accomplishments.

Thank you for your hard work, commitment, and unwavering support. I hope the new year brings prosperity and fulfilment to each and every one of you.

Alex Hough MANAGING DIRECTOR

As we eagerly step into the new year, January holds exciting news that will shape the future of our business. We are on the cusp of unveiling

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WHY ROCKET PAYE? Rocket Paye were established to make the contractor the central focus of the supply chain.

We felt, that too many companies neglected the worker and didn’t value them as the hard working human that they are.

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AGENCY BENEFITS By working with an award winning payroll company, you can be sure that you are working with the best in our industry and that your workers will be looked after every step of the way.

Your workers will be paid first thing on a Friday morning, creating no issues or no shows. If we can’t pay your workers on time, we might as well not be here.

Industry leaders – keeping you updated with all the latest industry news, any changes you need to be made aware of and new offerings that might be on there way.

Multiple options when it comes to settling your weekly invoice. We think outside the box, to provide you with flexibility when settling invoices.

Dedicated account manager, that gets to know your business needs inside out and becomes your single point of contact.

Personable Approach – we don’t hide behind computer screens. You can expect regular communication, office visits as much or as little as you need.

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WORKER BENEFITS

“THIS YEAR, ROCKET PAYE WERE VOTED BY AN INDEPENDENT JUDGING PANEL, THE BEST UMBRELLA COMPANY 2023” By being contractor focused, making sure our processes and procedures are geared towards helping them, coupled with our friendly customer service team and employee benefits package, we believe that we are quickly becoming a market leader.

This was reflected, when this year, Rocket Paye were voted by an independent judging panel, The Best Umbrella Company 2023, demonstrating our commitment to compliance and transparency for all in the supply chain.

Faster Payment Service – this means all of our payments are released in an instant, giving you access to your funds quicker.

Rocket Rewards – Giving you access to thousands of discounts, cashback offers as well as mental health wellbeing assistance, discounted gym memberships, Utility deals, mortgage lenders and CPD training courses.

Call Centre – A dedicated call centre that you can use, any time you have a query about setting up or receiving your pay, open during business hours.

A mobile app, where you can view your payslips, obtain employment documents at the click of a button on any smart phone across multiple platforms.

The ability to be paid via various pay models, depending on your sector, job role and pay rate, making sure you are paid as efficiently as possible.

We have multi-lingual speakers here at Rocket Paye, so if English is not your native tongue, do not worry, we have you covered.

You can also translate all of our registration forms into your own language.

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INDUSTRY INSIGHTS

PROPOSED INCREASES FOR 2024 STATUTORY PAY RATES The Government has published its proposed increases to maternity and other family leave pay and statutory sick pay Hot on the heels of the national minimum wage increase announcement comes the news that the rates of certain statutory payments will increase from April 2024.

These rates are reviewed annually, but it’s not inevitable that they will increase. For 2024, some rates will go up, but others are proposed to stay the same.

The proposals are: • An increase from £172.48 to £184.03 per week for statutory maternity pay, statutory paternity pay, statutory adoption pay, statutory shared parental pay and statutory parental bereavement pay.

• An increase from £109.40 to £116.75 per week for statutory sick pay (SSP).

• The lower earnings threshold, at or above which employees must earn in order to

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receive various statutory payments, to remain unchanged at £123 per week.

Confirmation that these rates will be implemented as proposed is awaited.

Experience of previous years tells us that it’s highly likely the proposed rates will indeed be in place from April 2024.

As a reminder, the following changes to national minimum wage were also recently confirmed: • National living wage rate will rise from £10.42 to £11.44 per hour.

• Rate for 18–20-year-olds will increase from £7.49 to £8.60 per hour.

• The apprentice rate and rate for those over school leaving age but not yet 18 will increase from £5.28 to £6.40 per hour • Importantly, the national living wage age banding will be expanded to include workers aged 21 and over. It’s currently payable to those aged 23 and over.

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SECTOR IN THE SPOTLIGHT THE SAD DECLINE OF CONSTRUCTION COMPANIES Construction companies are facing their highest bankruptcy rates in a decade, driven by factors such as inflation, a decline in housebuilding, and disruptions to major government infrastructure projects, as revealed by an analysis of Insolvency Service statistics conducted by the Financial Times (FT).

The data indicates that 4,280 operators entered insolvency in the year leading up to June, marking a 16.5 percent increase compared to the preceding 12 months.

According to the Office for National Statistics (ONS), the cost of construction materials is currently 42.7 percent higher than prepandemic levels.

These findings align with the recent news of Buckingham Group, a company involved in projects at Anfield and on HS2, ceasing operations due to “extreme inflation linked to the Ukraine conflict.”

Construction firms have faced “double-digit price inflation for their own inputs of fuel energy and materials, as well as flatlining economic growth.”

Higher interest rates are impacting clients’ willingness to proceed with projects, and labour shortages further complicate matters when projects do commence.

FT’s analysis of Insolvency Service data indicates that smaller, specialist subcontractors accounted for 60 percent of the insolvencies over the past year. However, noted that in recent months, larger firms have seen a significant increase in insolvencies, reflecting the cascading effects of failures further down the supply chain.

In addition to cost inflation, the housebuilding

sector’s slowdown, linked to inflation, has also affected the financial health of construction operators.

A spokesperson from the National Builders Federation (NBF) argued that government regulations in housebuilding have exacerbated the impact of inflation, leaving much of the industry “treading water at best.”

The NBF pointed out that 13 new taxes and regulatory costs have been announced or implemented in the last three years in housebuilding, with some contributing up to a thirty percent increase in build costs.

Furthermore, several major infrastructure developments in rail and road have faced delays in the past year, notably HS2’s Euston terminus, raising concerns about the overall stability of the construction industry.

A July report from the government’s Public Accounts Committee (PAC) inquiry highlighted significant fluctuations of 30 to 40 percent in raw material costs during its assessment of the scrutinized HS2 project.

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NEW TO ROCKET PAYE THIS MONTH Exciting News! Introducing Our New Help Hub Section!

We are thrilled to unveil a powerful addition to our website that promises to make your experience even smoother – the brand-new Help Hub section!

What’s in Store for You? Our Help Hub is your one-stop destination for all the assistance and guidance you might need. We understand that sometimes, a little extra help goes a long way, and that’s precisely what this hub is designed to provide.

Explainer Videos: Your Visual Guides Embark on a journey of clarity with our comprehensive library of explainer videos.

These engaging visual guides cover a wide array of topics, from navigating our payslips to maximizing the benefits of our services.

With step-by-step instructions and real-time demonstrations, our videos ensure that you never feel lost or uncertain.

Downloadable Documents: Your Handy Resources Knowledge at your fingertips! Our Help Hub is equipped with downloadable documents that serve as valuable resources.

Whether you prefer having information at your convenience or wish to keep a handy reference guide, these documents cover FAQs, user manuals, and helpful tips to enhance your overall experience.

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Why Explore the Help Hub? Efficiency: Say goodbye to time-consuming searches. Our Help Hub is organized for quick access, ensuring you find what you need without any hassle.

Visual Learning: Not a fan of long reads?

Dive into our explainer videos for a visual walkthrough. Learn at your own pace and revisit topics whenever necessary.

On-the-Go Assistance: Download documents and take them with you wherever you go. Whether you’re offline or just prefer a hard copy, our resources are designed to be accessible anytime, anywhere.

CLICK HERE

To access the Help Hub

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CONTRACTOR CORNER

Exploring the Exciting Realm of Rocket Rewards Rocket Rewards, a cutting-edge loyalty program, is soaring above traditional offerings, capturing the attention of our workers. We delve into the captivating universe of Rocket Rewards and explore why it has become a game-changer in the rewards landscape.

Rocket Rewards stands out by offering a dynamic and flexible approach to loyalty.

Unlike conventional programs that confine users to a limited set of redemption options, Rocket Rewards propels its participants into a cosmos of possibilities. From travel perks and cashback to exclusive experiences and brand collaborations, the program’s versatility is unmatched.

Launchpad for Exclusive Experiences: Beyond conventional rewards, Rocket Rewards offers access to exclusive events and experiences.

Whether it’s VIP access to concerts, behind-thescenes tours, or private gatherings, members are granted an exclusive passport to events that money can’t always buy.

Cosmic Redemption Options: The redemption options with Rocket Rewards are virtually limitless. Participants can use their points to book flights, purchase merchandise, contribute to charity, or even offset credit card bills. The

flexibility empowers users to tailor their rewards to align with their personal preferences and aspirations.

Interstellar Travel Perks: For those with a penchant for exploration, Rocket Rewards often collaborates with travel partners, offering unbeatable perks. These may include discounted hotel stays, priority boarding, and even complimentary upgrades, turning every journey into a first-class adventure.

Constellation of Partner Brands: Rocket Rewards has strategically aligned itself with a constellation of partner brands, expanding the scope of rewards to encompass a wide range of products and services. This network effect ensures that users can earn and redeem points across an extensive ecosystem.

Navigating the Launch: Getting on board with Rocket Rewards is a straightforward process. Users can sign up for the program through a simple email or phone call. Once enrolled, they begin accumulating points with every qualified transaction. The more engaged and loyal a participant, the faster they ascend through different tiers, unlocking increasingly attractive rewards.

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