Employers should be aware that all minimum wage rates increase on 1 April of each year. For 2024, these increases are substantial. The increases apply to all National Minimum Wage rates and the National Living Wage rate.
Another change that comes with the new rates is that the National Living Wage is being extended to include those aged 21 years old and over.
Minimum wage - increased rates from April 2024
The table below shows the current minimum wage rates and new rates from 1 April 2024:
If you would like assistance with your payroll, please don’t hesitate to get in touch; we are here to help!
About the Author
Martin Johnson
Partner
With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and financial management to owner-managed businesses.
Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues.
A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.
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