As if the Autumn budget announcements yesterday weren’t enough to send you running for the gin (other tipples are available), we have more news. This time, it’s the fact that the new minimum wage rates have been announced – money definitely talks.
Without further ado, here goes with the new rates you need to know about from April 2023.
The rates which will apply from 1 April 2023 are as follows:
|Rate from April 2023||Annual increase (£)||Annual increase (per cent)|
|National Living Wage||£10.42||0.92||9.7|
|21-22 Year Old Rate||£10.18||1.00||10.9|
|18-20 Year Old Rate||£7.49||0.66||9.7|
|16-17 Year Old Rate||£5.28||0.47||9.7|
So, as you can see:
Big increases in the National Living Wage and the 21 – 22 year old rate, bringing the over 22 rate to £10.42 from £9.50 currently. The 21 – 22 year old rate will also be higher than the current rate for anyone over the age of 22.
Definitely, rates to bear in mind when you’re budget planning for 2023 in terms of staff and resourcing.
As always, please contact us if we can help in any way with planning, recruiting and resourcing.