Sharing the current and upcoming National Minimum Wage figures, for Tax Year 2024/2025.
When will the new NMW come into effect?
The National Minimum Wage, including the National Living Wage, will rise from 1st April 2024 from the current pay rates.
What will the new National Minimum Wage be from April 2024?
The National Minimum Wage will be £11.44 from 1st April 2024 and will be for 21 years and over for the first time.
21 and over will have a NMW rate of £11.44, which is a 9.8% increase those over 23, and a 12.4% increase for 21-22 year olds.
18-20 year olds will have a new rate of £8.60, a 14.8% rise.
16-17 year olds will see a rise to a £6.40 rate, a 21.2% increase
Apprentices also see a matched £6.40 rate, 21.2% increase
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What is the accommodation offset?
The accommodation offset occurs when a worker lives in accommodation which their employer provides. They are then charged for that accommodation, and the offset sets a limit on what a minimum wage worker can be charged.
The accommodation offset will increase to £9.99 with an increase of 9.8% from April 2024.
‘Living Wage Foundation’ Response
The Living Wage Foundation has responded to the new rates announced shortly before the Autumn Statement on 22nd November 2023.
“A rise in the statutory National Living Wage from next April is welcome news for low paid workers but it still falls short of the voluntary Real Living Wage which is £12 per hour in the UK and £13.15 per hour for workers in London.”
This was announced on 24th October 2023 and employers have until 1st May to implement it.
The foundation operates a voluntary scheme, paid by over 14,000 employers, and is said to reflect the real cost of living.
HR and Payroll Legislation changes in 2024 onwards
Explore our HR and payroll legislation blog for more changes in 2024 and beyond.
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Please note that the information in this blog was created based on the integrity of reputable links at the time of publishing. These blogs should be used for guidance only, you should always check information further before taking action as sources may update over time. Talk Staff holds no responsibility for implementation or loss
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Last Updated on 2 weeks by Hannah Ingram
Last Updated on 2 weeks by Hannah Ingram