The development rate (for workers aged 18 to 21 inclusive) rises from £4.60 to £4.77 per hour, while the youth rate (for those aged 16 and 17) rises from £3.40 to £3.53 per hour.

As noted in our round-up of retail sector pay trends (subscription required), the annual national minimum wage uprating is now an established part of the pay calendar for many retailers.

But a study undertaken by Bibby Financial Services on behalf of the Forum of Private Business suggests that this is not the case across all sectors of the economy. According to the survey, 31% of small business employers are unaware of the latest increase, rising to 44% among the smallest companies surveyed (those with four or fewer members of staff).

And news of this year's uprating could come as a nasty shock to these employers, when eventually it feeds through. As Bibby chief executive David Robertson puts it:

At a time when business costs are escalating rapidly, as the credit crunch continues to bite and fuel costs soar, the rise in the National Minimum Wage could put a significant strain on many small businesses' cash flow.

• Does your organisation carry out an annual pay review in October? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.