The National Minimum Wage (NMW) and National Living Wage (NLW) increases, which will come into force on 1 April 2024, have been announced.

The NLW, which previously applied to those aged 23 or over, will be extended to 21 and 22 year olds. It will increase by £1.02 or 9.8% (from £10.42 to £11.44 per hour).

For those aged between 18-20, the NMW will increase by £1.11 or 14.8% (from £7.49 to £8.60 per hour).

For those aged between 16-17, the NMW will increase by £1.12 or 21.2% (from £5.28 to £6.40 per hour).

The apprenticeship rate will increase by £1.12 or 21.2% (from £5.28 to £6.40 per hour).

The accommodation offset will increase in line with the NLW increase of 9.8% (89p), to £9.99 per day. The weekly value for 2024 will be £69.93.

The Government has accepted the Low Pay Commission’s recommendations on minimum wage rates, and this is the largest ever increase in the minimum wage in cash terms, and the first time it has increased by more than £1. 

If you have any questions, please contact us by emailing enquiries@perspectivehr.co.uk or by phoning 01392 247436.