The new 2023/2024 financial year is underway and will see a number of changes affect your earnings. This includes an increase in the National Living Wage and National Minimum Wage.
Other rises are being applied to the amounts paid in statutory sick pay and for statutory maternity pay, paternity pay and shared parental leave pay. Here's what the increases will mean for you.
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The Low Pay Commission, an independent body of employers, worker representatives and experts whose role is to advise the Government, announced the biggest ever cash increase in the National Living Wage and National Minimum Wage. It will mean a pay boost for millions of people. The new rates are not directly linked to the rate of inflation but are driven by the commission's targets and strong pay growth in a booming labour market.
The National Living Wage - the term used for the statutory minimum wage for those aged 23 and above - has increased from April 1 by 9.7 per cent to 10.42. A rise in the National Minimum Wage for those under that age means 21-22 year olds will see their pay increase by 10.9 per cent to 10.18 per hour while pay for younger workers and apprentices will also rise by 9.7 per cent.
These increases follow recommendations made to the Government by the Low Pay Commission last October. The commission is now consulting on minimum wage rates for April 2024 and beyond and will make its...
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