National Minimum Wage Autumn Update
The biggest ever increase to the National Living Wage has been announced, with the government fully accepting the recommendations made by the Low Pay Commission. Eligibility for the National Living Wage will also be extended by reducing the age threshold to 21-year-olds for the first time. It was previously for those aged 23 and over only. From 1 April 2024 the minimum pay rates will be as follows:
| NMW rate
£ |
Increase
£ |
Increase
% |
|
| National Living Wage (age 21 and over) | 11.44 | 1.02 | 9.8 |
| 18-20 year old rate | 8.60 | 1.11 | 14.8 |
| 16-17 year old rate | 6.40 | 1.12 | 21.2 |
| Apprentice rate | 6.40 | 1.12 | 21.2 |
Need more information?
We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.
Write a Comment