National Minimum Wage rates 2023/24
17 November 2022
The UK government has accepted the proposals from the Low Pay Commission (LPC) on the National Minimum Wage (NMW) rates from April 2023.
National Minimum Wage (NMW) Rates for 2023
But what are those rates? The LPC has released the rates as below:
|
|
Rate from April 2023 |
Current rate (April 2022 to March 2023) |
Increase |
|
National Living Wage |
£10.42 |
£9.50 |
9.7% |
|
21-22 Year Old Rate |
£10.18 |
£9.18 |
10.9% |
|
18-20 Year Old Rate |
£7.49 |
£6.83 |
9.7% |
|
16-17 Year Old Rate |
£5.28 |
£4.81 |
9.7% |
|
Apprentice Rate |
£5.28 |
£4.81 |
9.7% |
|
Accommodation Offset |
£9.10 |
£8.70 |
4.6% |
Larger National Minimum Wage (NMW) Rates Increase for 21-22 Year-Olds
Once again, the 21–22 year-old rate has been increased by a bigger percentage than other rates. This appears to be in preparation for the National Living Wage (NLW) to apply to all workers over 21, targeted to be implemented in April 2024.
Impact of National Minimum Wage (NMW) Increase
Workers across the nation will welcome this announcement, however, employers will need to carefully plan for the impacts of increased staffing costs.
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