Changes to the National Minimum Wage 2024 have now been confirmed!
The current national minimum wage rates will see change on 1st April 2024 including, the new age breakdown changing from over 23’s to over 21’s.
This is the first time that the pay rates have seen an increase of over £1 per hour.
The new rates are as follows :
Age 21 +
£11.44 – 9.8% increase
Age 18-20
£8.60 – 14.8% increase
Age 16-17
£6.40 – 21.2% increase
Apprenticeship Rate
£6.40 – 21.2% increase
It is always crucial to plan ahead, with the increase this should allow for labour shortages to decrease and provide businesses with higher talent retention rates.
Are you preparing for this increase?
If you would like to discuss how to prepare for the upcoming increase you can contact us on 01623 676970 or alternatively email team@fsr.uk.com 📩