National Minimum Wage Increase

The national minimum wage has just been increased, marking a significant step towards fairer wages for workers across the country.

This boost comes at a crucial time, as the cost of living continues to rise, providing much-needed relief for millions of hardworking individuals and families.

But what about employers?
It’s important to consider how this change might affect them. While some may worry about increased labour costs, it’s essential to recognise the potential benefits for businesses as well. Studies have shown that higher wages can lead to greater employee satisfaction, reduced turnover rates, and improved productivity. Additionally, a higher minimum wage can stimulate consumer spending, boosting demand for goods and services.

Here’s a breakdown on the increases:

Current rates

These rates are for the National Living Wage (for those aged 23 and over) and the National Minimum Wage (for those of at least school leaving age). The rates change on 1 April every year.

From 1 April 2024, workers aged 21 and over will be entitled to the National Living Wage.