The government has accepted in full the recommendations of the Low Pay Commission and announced increased rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2024.
In addition, from April 2024 the NLW will be extended to 21- and 22-year-olds. The rates which will apply from 1 April 2024 are as follows:
The apprenticeship rate applies to apprentices under 19 or 19 and over in the first year of apprenticeship. The NLW applies to those aged 21 and over.
Comment: The Department for Business and Trade estimates 2.7 million workers will directly benefit from the 2024 National Living Wage increase.
Payroll services
We work with employers to help them with financial planning as their team grows. We also offer payroll services, click here to find out more – Payroll services offered by Watson Knipe.
If you operate as a Limited Company or have employees, you need to have a payroll process in place. Payroll is heavily regulated, and legislation is often changing, so it can be very time-consuming if you decide to manage this in-house. This includes advising you on changes in National Living Wage (NLW) and National Minimum Wage (NMW) each year.
Our payroll service is available to sole traders, Limited Companies and Partnerships that have employees. You will be assigned one member of the team to work with you to manage the payroll and give you advice as needed.
If you would like to find out more about how the changes in National Living Wage (NLW) and National Minimum Wage (NMW) will affect your business, please do contact. Or if you would like to find out about our payroll services call 01623 490 120 or email