We now know what the 2023/24 statutory pay rates will be in April 2023, and some of them are increasing significantly.
If you are an employer who pays national minimum wage your salary budget is going to go up more than usual and is something you should start to think about now rather than waiting until the last minute.
Even if you pay over NMW with these 2023/24 statutory pay increases you should check that your employees will be receiving at least statutory minimum pay from April. It may also have a knock on effect if your starting salary increases significantly, for those higher up the pay scales if you want to maintain a differential between salary bands.
Rates
- National Living Wage for over 23s £10.42 (currently £9.50)
- 21-22 Year Old Rate £10.18 (currently £9.18)
- 18-20 Year Old Rate £7.49 (currently) £6.83
- 16-17 Year Old Rate £5.28 (currently £4.81)
- Apprentice Rate £5.28 (currently £4.81)
Maternity, adoption, paternity, bereavement and shared parental pay will increase to £172.48 from 156.66 per week
Statutory sick pay will rise to £109.40 per week from the current rate of £99.35.
If you’re worried that you may not be meeting the new rates and you need some help get in touch with a member of the team
