Millions of workers set for pay boost next month as minimum wage to rise

01 March 2024 , 12:20

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Minimum wage will rise from April 1 (Image: Getty Images)

Millions of workers will see their pay packet rise from next month when the minimum wage increases.

The minimum wage is how much a business has to pay their employees by law, depending on your age. The National Living Wage will increase by 9.8% from £10.42 an hour to £11.44 an hour - a rise of £1.02. The age bracket for the National Living Wage is also being expanded to those over the age of 21, instead of over the age of 23.

Then there is the National Minimum Wage, which for people aged 18 to 20 is going up from £7.49 to £8.60, while under-18s and apprentices will see their pay increase from £5.28 to £6.40. The new pay rates will come into effect from April 1 - but how much extra you will get depends on how many hours you work, how much you pay in tax, and any other deductions you may be subject to.

Chancellor Jeremy Hunt announced the minimum wage increase in his Autumn Statement last November, and said almost three million workers will see their pay go up. However, many companies pay their workers more than the minimum rates. There is also the Real Living Wage, which employers can voluntarily sign up to, and this is also higher than the statutory Government minimum wage rates.

The Real Living Wage is based on the cost of living and how much families need to live. It is paid to people over the age of 18 and is currently set at to £12 an hour outside of London, and £13.15 an hour inside the capital. More than 460,000 people working for 14,000 employers are paid the Real Living Wage.

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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
  

Levi Winchester