National Minimum Wage Rate Changes from April 2024
In the 2023 Autumn Statement, Chancellor Jeremy Hunt announced that the national minimum wage (NMW) rates are to increase from Monday 1st April 2024. This applies to all NMW rates and national living wage (NLW) rates.
The NLW will also be extended to 21- and 22-year-olds from April 2024, following recommendations by the Low Pay Commission (LPC).
The new NMW and NLW rates from 1st April 2024 are as follows:
|
|
NMW rate from 1 April 2024 |
Increase in pounds and pence |
Percentage increase |
|
National Living Wage (21 and over) |
£11.44 |
£1.02 |
9.8% |
|
18–20-year-old rate |
£8.60 |
£1.11 |
14.8% |
|
16–17-year-old rate |
£6.40 |
£1.12 |
21.2% |
|
Apprentice rate |
£6.40 |
£1.12 |
21.2% |
For more information on the new rates from April 2024, visit the HMRC website. If you have any questions regarding how the National Minimum Wage and Living Wage rate rises will impact your business or about how to prepare for further cost increases, speak to a member of our team today on 0191 418 6920 or by emailing admin@debere-ne.co.uk.