National Living Wage & National Minimum Wage increases from 1 April 2023
The government have confirmed the increases to the national minimum wage and national living wage that will come into effect from 1 April 2023, the increases were as follows:
Category | Current rate (2022/2023 tax year) | New rate for 1 April 2023 (2023/2024 tax year) | Percentage increase to minimum wage |
National Living wage (23+) | £9.50 | £10.42 | 9.68% |
Age 21-22 | £9.18 | £10.18 | 10.89% |
Age 18-20 | £6.83 | £7.49 | 9.66% |
Under 18 | £4.81 | £5.28 | 9.77% |
Apprentice rate | £4.81 | £5.28 | 9.77% |
This will mean that an employee who is 23 or older who is working 37.5 hours a week will earn £20,319 a year from 1 April 2023, an increase of £1,794 a year compared to the current rate.
Please do not hesitate to contact us at Gareth Hughes & Co on 01492 593345 if you have queries with regards to this or any other payroll matter.