The Government has announced an increase to the National Living Wage (NLW) and National Minimum Wage (NMW) taking effect on 1 April.
This is important information for any business owners with employees as the changes will mean that they will need to increase the wages. The changes will see National Living Wage increase from £8.21 to £8.72 per hour which is an annual pay rise of up to £930 for a full time worker.
The new NLW rate will start at the beginning of April this year for people over the age of 25.
The new NMW will rise across all age groups, including:
* A 6.5% increase from £7.70 to £8.20 for 21 – 24 year olds
*A 4.9% increase from £5.15 to £6.45 for 18-20 year olds
*A 4.6% increase from £4.35 to £4.55 for under 18s
*A 6.4% increase from £3.90 to £4.15 for apprentices.
The pay rise will benefit 2.8 million people across the country as the government strives to help people to earn more.
Follow the link to find out more about how this could affect your business.