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Minimum Wage Increase 2024

The UK Government has announced adjustments to the minimum wage rates, including the National Living Wage (NLW), which will come into effect on the 1st April 2024.

 

From 1 April 2024, workers aged 21 and over will be entitled to the National Living Wage, where it is currently from the age of 23.

  Current Rate New Rate Increase
23 & over (NLW) £10.42 £11.44 £1.02
21 – 22 Years Old £10.18 £11.44 £1.26
18 – 20 Years Old £7.49 £8.60 £1.11
16 -17 Years Old £5.28 £6.40 £1.12
Apprentice* £5.28 £6.40 £1.12

*Apprentices are entitled to the apprentice rate if they’re either:

  • aged under 19
  • aged 19 or over and in the first year of their apprenticeship

Apprentices are entitled to the minimum wage for their age if they both:

  • are aged 19 or over
  • have completed the first year of their apprenticeship

As always if you have any questions regarding taxes, whether it’s income or capital gains tax, please send us an email info@oboyleaccounting.com or call us on 028 91469054

 

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