From April 2024, there will be a 9.7% rise in the national living wage worth over £1,800 a year for a full-time worker.

The hourly rate will increase from £10.42 to £11.44, the biggest increase in the national living wage in more than a decade.

The eligibility for this increase will also be extended to all 21-year-olds, as the threshold to qualify has reduced, therefore a 21-year-old will get a 12.4% increase, from £10.18 to £11.44 in April, which is worth almost £2,300 a year for a full-time worker.

National minimum wage rates for younger workers will also increase for 18–20-year-olds with a £1.11 hourly pay rise to £8.60 per hour.

Since 2010 the national living wage will have doubled from around £10,500 to nearly £21,000 a year.

The minimum hourly wage for an 18-year-old apprentice will also increase from a minimum hourly pay increase of over 20%, going from £5.28 to £6.40 an hour.

If you would like to discuss your payroll or how this could affect your business, please contact us here at Kennedys Accounting Ltd, we are always happy to help.