In a groundbreaking move, the Government has accepted the Low Pay Commission's recommendation for a substantial rise in pay rates, effective from April 2024.
This marks the largest ever cash increase, with the National Living Wage for those aged 21 and over raised to £11.44, representing a significant 9.8% hike. Similarly, notable increases have been announced for other age groups and apprentices, underscoring the Government's commitment to raising living standards.
| NMW rate from 1 April 2024 | Increase in 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% |
Accommodation Offset | £ 9.99 | £ 0.89 | 9.8% |
For businesses, this unprecedented increase poses a challenge. Adapting to these new rates is crucial to remain compliant, but navigating these changes can be complex, especially for small and medium-sized businesses already grappling with economic uncertainties.
To ensure your company is fully prepared and compliant with the new rates, LMP Legal offers expert guidance. Kareena at LMP Legal is ready to assist you in adjusting to these changes smoothly, mitigating any potential risks to your business. For personalised advice tailored to your specific needs, contact Kareena at kareena@lmplegal.co.uk.
Don't let these changes catch you off guard. Act now to align your business practices with the new minimum wage rates and continue thriving in 2024 and beyond.