The National Minimum Wage (NMW) will increase across all age groups from next year, the Chancellor has announced.
If you are an employer, here’s what you need to know.
To support the lowest-paid workers in the wake of the coronavirus pandemic, the legal minimum wage will be “significantly” increased. The changes – which come into effect from April 2022 – are outlined below:
For a full-time worker over the age of 23, the hike represents a pay rise of more than £1,000 per year.
National Living Wage threshold to be lowered in 2024
To narrow the gap between the lowest-paid workers, the age threshold for the National Living Wage was lowered from 25 to 23 in April this year. But the threshold will be reduced again to 21 by 2024 following recommendations by the Low pay Commission.
It means that anyone aged 21 and over will receive the full National Living Wage from April 2024.
Labour market “recovered strongly”
Commenting on the implementation of the new rates, Bryan Sanderson, Low Pay Commission Chair, said: “The rates we recommended will put money in the pockets of care-workers, food distributors and many other groups of the lowest-paid members of our society up and down the UK. Many of them have made a vital contribution during the last few difficult months.
“The pandemic has been an exceptionally difficult period for businesses and workers alike, but the labour market has recovered strongly and the economy is expected to continue to grow over the next year. This is attributable in no small part to comprehensive Government support.”
Get advice today
For help and advice with related matters, please get in touch with our team today.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)