Excellent news for the hard-working members of the UK’s labour force, as minimum-wage earners are expected to see a notable increase in their pay this year. From April 1st, the national living wage (NLW) and the national minimum wage (NMW) 2024 rates will be as follows:
The national living wage for low-paid workers aged 21 years old and above will rise by 9.8% to £11.44 from NLW 2023’s £10.42. The government’s announcement came amidst an ongoing increase in the prices of utilities and basic commodities. UK inflation rose in December 2023, pushing commodity goods and energy prices, resulting in a higher cost of living.
Other UK statutory rates are also expected to increase starting April 2024. Statutory maternity, paternity, adoption, shared parental, and parental bereavement rates will rise by £184.03 per week. Meanwhile, the statutory sick pay or SSP rate will increase to £116.75 per week.
This is good news for minimum-wage earners, as the increase in the NLW will help protect their living standards.
A Steady Increase in UK Minimum Wage
Despite the economic challenges brought about by BREXIT and the COVID-19 pandemic, the last few years saw a slight yet steady increase in minimum living wage in the UK. Take a look at the tables below to view the NLW and NMW rates for 2023, 2022 and 2021.
NLW and NMW 2023
NMW and NLW 2022
NMW and NLW 2021
Ensure Your Staff Are Paid Accordingly
Keeping yourself updated with the latest wage guidelines helps ensure that your employees and sub-contractors are always paid correctly and on time. Please refer to the latest NMW and NLW rates above when calculating your staff’s pay to ensure compliance.
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