With the start of the new financial year in April we know that many of you will be asking: what’s the latest updates to the National Minimum Wage (NMW) and National Living Wage (NLW)? We’re here to fill you in on all the details!
First things first, the National Minimum Wage and National Living Wage are the absolute minimum that employers must pay their employees. It’s reviewed annually and is designed to make sure that everyone gets a fair wage for their work. This year, the rates are going up, which is great news for anyone who’s earning the minimum wage.
So, what are the new rates as of 1st April 2023?
|Workers aged 23 and over (NLW)
|For workers aged 21 to 22
|For workers aged 18 to 20
|For workers aged under 18
|For apprentices under 19, or aged 19 and over but in the first year of their apprenticeship
The increase in the NMW and NLW rates is a welcome development for many employees who have been struggling to make ends meet due to the rising cost of living in the UK—with increases roughly matching inflation rates. The government has stated that these increases will help to boost the earnings of around 2 million workers in the UK, including those in sectors such as retail, hospitality, and social care.
All in all, the National Minimum Wage and National Living Wage rates for 23/24 are a step in the right direction. If you’re currently earning the minimum wage, you can look forward to a little bit of extra cash in your pocket from April 2023! Every little helps, right?
Payroll Legislation Guide
The facts, figures, thresholds and allowances for 2023-24 spanning tax, National Insurance, pensions, statutory payments and more.