Minimum Wage Increase & National Living Wage Increase – April 2024

2024 is set to be a landmark year for workers across the UK. With the Chancellor’s Autumn Statement, we are on the cusp of a significant wage increase for millions. The National Living Wage (NLW) and National Minimum Wage (NMW) are poised for notable increases starting April 1, 2024. This change reflects a nearly 10% increase for those aged 23 and over, and an even more significant jump for 21-year-olds, who will see their wages align with the NLW for the first time.

The updated minimum wage breakdown is as follows:

·       National Living Wage for over-23s: £11.44 per hour, up from £10.42

·       National Living Wage for those aged 21-22: £11.44, up from £10.18

·       National Minimum Wage for 18 to 20-year-olds: £8.60, up from £7.49

·       National Minimum Wage for under-18s: £6.40, up from £5.28

The implications for businesses are substantial. As wages rise, it’s crucial for employers to review and adjust their payroll structures to ensure compliance with the updated rates – avoiding potential claims, penalties, and reputational damage.

As the NLW and NMW set new benchmarks, companies must navigate these changes thoughtfully to maintain internal wage differentials and morale. Embrace this as an opportunity to review compensation strategies and reaffirm your commitment to fair pay.

If you’d like to learn more about how the minimum wage and national living wage increases will affect your business… we’d like to hear from you. Call today – make Personology your outsourced HR department and ensure your business stays compliant.