The Low Pay Commission have confirmed that the Government has accepted its recommendations for increased rates of the National Minimum Wage (NMW) and National Living Wage (NLW). These will come into force on 1 April 2024. One major thing to be aware of is the National Living Wage threshold being lowered to 21 (from 23), as this will cover a lot more workers going forward.
The new rates are as follows:
- an increase to the NLW for those aged 21 and over from £10.42 to £11.44 per hour;
- an increase to the NMW for those aged 18-20 from £7.49 to £8.60 per hour;
- increase for those aged 16-17 and apprentices from £5.28 to £6.40 per hour.
For more information please see the Governments press release
This will have an impact on many businesses who base their pay on the NMW and NLW scales, and it is better to be aware and prepare for the changes now. For more advice on how this may impact your business and what you may need to do going forward, please get in touch with one of our specialist team today.
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