A reminder that NLW and NMW rates are increasing
A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024.
The increase will see the NLW rate increased to £11.44 per hour, an increase of over £1 over the current rate of £10.42. This means the annual earnings of a full-time worker on the NLW will see an increase of up to £1,800 next year.
It was also confirmed, as part of the Autumn Statement announcements, that for the first time, eligibility for the NLW will be extended to 21 and 22 year olds. Currently, the NLW is only available to those aged 23 and over.
The NMW rates will be as follows from, 1 April 2024:
- 18 to 20 year-old rate will be £8.60 per hour - an increase of £1.11 per hour
- 16 to 17 year-old rate will be £6.40 per hour - an increase of £1.12 per hour
- The apprentice rate will also be £6.40 per hour - an increase of £1.12 per hour
Source: Other Mon, 12 Feb 2024 00:00:00 +0100