Navigating the 24/25 GMS Increase and Staff Pay Rises
The recent announcement of the 24/25 uplift in the Global Sum has significant implications for GP practices across the UK. Here’s what you need to know:
Key Points:
- 7.4% increase in Global Sum for 24/25
- 3.4% uplift in QOF per point
- 4.7% additional increase backdated to April 2024 (on top of the 2.7% already paid)
While this uplift is welcome news, it presents challenges in balancing practice finances with staff expectations. Here are some considerations:
- Purpose of the Uplift: It’s intended to fund pay rises for all practice staff, including partners.
- Realistic Expectations: The uplift may not fully cover a 6% backdated pay rise for all staff.
- Staff Categories to Consider:
- Salaried GPs (BMA guidance suggests 6% backdated rise)
- Nursing staff (RCN recommends 5.5% rise)
- Other practice staff
- Financial Considerations:
- Account for previous pay rises this tax year
- Consider knock-on effects of minimum wage increases
- Remember employer pension and NI contributions
- Consider one-off bonuses as an alternative to permanent rises
- Long-term Impact: Pay rises compound annually, affecting future budgets.
- Communication is Key: Transparently explain the situation to staff, helping manage expectations and maintain morale.
By carefully considering these factors, practices can make informed decisions that balance financial sustainability with fair compensation for their valued staff.
Please note that this insight is intended for informational purposes only and does not constitute financial or legal advice. Every business has unique considerations, and we recommend consulting with professional advisors before implementing any strategies or technologies discussed in this insight.
