What better way to kick 2024 off than with the news of an unexpected pay rise? Now, not to disappoint, but it’s not going to be enough for a week in the Maldives – but as our granny once said, take care of the pennies and the pounds take care of themselves!
The UK Government has announced that the National Living Wage will increase to £11.44 per hour. This rise is for workers over 21 and will come into effect from April 2024.
This is the biggest ever increase in the National Living Wage people!
Previously, the UK’s National Living Wage has only applied to those aged 23 and over, but 2024 is the year this changes – those aged 21 and 22 will now also be eligible to receive it.
We’ve answered all of your burning questions, so you know what to expect come April!
Is the National Living Wage the same as the Minimum Wage?
Back in April 2016, the National Living Wage replaced The National Minimum wage and became the lowest amount you could be legally paid per hour – provided you were 25 or over.
Since then, the age has been lowered to 23 and over. If you were younger than this and in work, you would be entitled to The National Minimum Wage for your age banding.
April is the month it all changes! From April 2024, anyone aged 21 and over, earning The National Minimum Wage, will now earn the same as those earning the National Living Wage.
How much of an increase is this update?
Over 21’s will receive a 9.7% increase to £11.44 per hour.
What will happen to those under 21?
18-20-year-olds will receive an increase of 14.8% to £8.60 per hour.
16-17-year-olds will receive an increase of 21.2% to £6.40 per hour.
What does this mean for apprentices?
From April 2024, The Apprentice rate will also increase to £6.40.
Do these changes apply to everyone?
These changes will not apply to those who are self-employed, company directors, members of the armed forces, prisoners, volunteers, or anyone undertaking work experience whilst in education.
Isn’t this the news you needed in January? We think so!