National Living Wage Set To Rise In April 2024
Key Contact: Claire Knowles
Author: Swyn Llyr
On 2 October 2023, the Chancellor announced that the government would commit to the Low Pay Commission’s recommendations – which will be announced in November 2023. Based on the Low Pay Commission’s predictions, this would result in an increase to the National Living Wage (NLW) to over £11 an hour from April 2024.
If adopted, this change will provide much-needed support for low-paid workers aged 23 and over at a time when many are feeling increased pressure from a rising cost of living. In fact, it will mean that over 2 million workers on NLW will be over £9,000 better off than they would have been in 2010.
We’re hoping that this increase will have a positive effect on workforces and could possibly improve staff retention and productivity, whilst lowering absenteeism.
If you wish to discuss how to prepare your business for the likely increase in NLW, please contact the Employment team.