As of 1bApril 2024 there will be changes to the minimum and living wage. The minimum wage and living wage will be increasing in line with inflation, but what are the figures and what exactly does this mean for you?
Minimum Wage Changes as of April 2024
Minimum wage increases were announced by the government at the later end of 2023, and are due to take effect as of 1 April 2024.
Apprentice Minimum Wage
Individuals on their first year of their apprenticeship programme, or aged 16-17 will see a 21.2% increase in their hourly rate from £5.28 to £6.40.
16-17 Year Olds
16-17 year olds will see the same 21.2% increase in their wage from £5.28 to £6.40.
18-20 Year Olds
18-20 year olds will see a 14.8% increase in the national minimum wage, from £7.49 to £8.60.
21 and Over (National Living Wage)
As of 1 April 2024, the National Living Wage age will be reduced from 23 years to 21 years. This means that anybody over the age of 21 years old will be receiving no less than the national living wage, unless they are on their first year of their apprenticeship programme.
This wage will be increasing from £10.42 to £11.44, demonstrating a 9.8% hourly wage increase.
What does this mean for you?
If you are a low income earner, your wage / salary will be increasing to at least that of the minimum wage for your age category. It is important to check that this change has been in place in your April pay check to ensure compliance with the updated regulations.
If you are an apprentice in your first year of studying, the increases in minimum wage is significant, being the most significant rise out of all wage increases. Though most employers pay above the minimum wage, if this is something that deterred you from starting an apprenticeship programme, changes are being put in place to better support individuals on an apprenticeship programme.
For more information about the minimum wage increases, check out the gov website.