Minimum wage rates increase looming!

Cashflow & Forecasts, HR, News,

All minimum wage rates increase on the 1st April of each year. For 2024, these increases are substantial. The increases apply to all National Minimum Wage rates and the National Living Wage rate.

Another change that comes with the new rates this year is that the National Living Wage is being extended, and will now include those aged 21 years old and over.

New Minimum Wage Rates

The table below shows the current minimum wage rates and new rates from the 1st April 2024:

 Current rate (since April 2023)New rate from April 2024Increase
National Living Wage (23 years old and over)£10.42£11.44 (21 years old and over) 9.8%
National Minimum Wage (21-22 years old)£10.18N/AN/A
National Minimum Wage (18-20 years old)£7.49£8.6014.8%
National Minimum Wage (16-17 years old)£5.28£6.4021.2%
National Minimum Wage (apprentice rate)£5.28£6.4021.2%
Accommodation Offset£9.10£9.999.8%

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