THE minimum wage is increasing which means around two million workers will get a boost to their pay packet next year.
The cash boost due in April is the biggest increase in the minimum wage for a decade.
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The National Minimum Wage and the National Living Wage are both rates of pay set by the government.
The hourly rate for the minimum wage depends on how old you are and whether you’re an apprentice.
To qualify for the National Minimum Wage you must be of school-leaving age, which is usually above 16.
To get the National Living Wage workers must be aged 23 and above.
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However, it was confirmed ahead of the Autumn statement announcement that workers aged 21 and over will also be entitled to the National Living Wage next year.
Is the minimum wage increasing?
The minimum wage is increasing from April 1, 2024.
The current rates for the National Living wage (for those aged 23 and over) and the National Minimum Wage (for those of school-leaving age) are as follows:
- 23 years and over – £10.42
- 21-22 year olds – £10.18
- 18-20 year-olds – £7.49
- Under 18 – £5.28
- Apprentices – £5.28
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From April 1, 2024 workers aged 21 and over will benefit from being able to earn the National Living Wage.
How much is the minimum wage going up by?
The minimum hourly rate for over 21s will rise from £10.42 to £11.44 next April.
This means that nearly three million workers who receive the National Living Wage will get an almost 10% cash boost.
The new rates that will start from April 1, 2024 are as follows:
- 23 years and over – £11.44
- 18 to 20 year-olds – £8.60
- 16 to 17 year olds – £6.40
- Apprentices – £6.40
How much will you get paid after April 2024?
Brits on the National Living Wage are set to bag a £1,800 pay rise next year.
This will be welcome news to millions of workers who receive the National Living Wage and have seen their pay packets squeezed by inflation.
Announcing the increase, the Chancellor said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.
“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
