The Government has announced changes to the National Living Wage effective from 1st April 2024.
Accepting this year’s recommendations from the Low Pay Commission, the Government has also lowered the age at which people qualify for the National Living Wage, from 23 to 21 years old. This means that employees aged 21 and 22, currently on the National Minimum Wage of £10.18, will receive a £1.26 or 12.6% increase to £11.44.
Younger employees will also see a significant pay rise, with those aged 18 to 20 set to receive a 14.8% increase to £8.10, while 16 to 17-year-old and apprentices will benefit from a 21.2% increase to £6.40.
This is good news for employees as it will help improve the standard of living for many. However, it will undoubtedly be a concern for small businesses and employers already struggling with rising business costs.
If you wish to explore how to safeguard your business and your people with this upcoming and significant National Minimum Wage change, then reach out to the team, and we will be happy to assist.