18 January 2024 , 09:47
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Millions of workers are set for a pay boost from April 1 as new minimum wage rates come into force.
The National Living Wage is rising from £10.42 to £11.44 - an increase of £1.02. The age bracket for the National Living Wage is also being extended to include all those over the age of 21, instead of over the age of 23.
The National Minimum Wage for people aged 18 to 20 will rise from £7.49 to £8.60, while under-18s and apprentices will see their pay increase from £5.28 to £6.40. But how much exactly your pay will increase by depends on how many hours you currently work.
You also need to take into account tax and any other deductions you may be subject to. You can see the full table of increases below. Chancellor Jeremy Hunt first announced the minimum wage increase in his Autumn Statement last November.
The minimum wage is what your employer has to pay you by law, depending on your current age. However, many businesses pay their workers more than the minimum rates. The Government previously said almost three million workers on low pay will benefit from the increases.
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There is also the voluntary Real Living Wage, which employers can choose to sign up to, and this is designed to reflect a more accurate cost of living. It is based on what a full-time worker and their family needs to make ends meet, including costs of food, clothing and household bills.
The Living Wage Foundation has just increased from £10.90 to £12 an hour outside of London, and from £11.95 to £13.15 an hour inside the capital. More than 460,000 people working for 14,000 employers are paid the Real Living Wage. The rate is payable to everyone over the age of 18 and is updated every year.
New minimum wage rates from April 1
- National Living Wage (aged 21 and over) - £11.44
- National Minimum Wage for people aged 18 to 20 - £8.60
- National Minimum Wage for people aged under 18 - £6.40
- National Minimum Wage for apprentices - £6.40