National Minimum Wage Increase

National Minimum Wage Increase

What You Need to Know About the New National Living Wage Increase

What You Need to Know About the New National Living Wage Increase

Exciting news for employees came out in April! The national living wage has hiked up
from £10.42 to £11.44 an hour. While this is a win for workers, putting more money in
their pockets, it brings some noteworthy changes for employers too. Let’s dive into what
this means for your business and how you can handle these updates like a pro.

The Lowdown on the Wage Rise

This wage increase doesn’t just boost pay packs; it also extends eligibility to the
younger crowd—those aged 21 and 22—who will now earn the national living wage
instead of the minimum wage. This adjustment is impacting nearly three million
workers and could potentially increase annual incomes for full-time employees by over

Why This Bump Up?

The raise is part of a larger effort to uplift living standards and push for economic
equity. By tweaking the wage scales, the government aims to ensure a fairer slice of the
pie and build a sturdier economic base for workers.

What Employers Need To Know:

  1. First things first, it’s time to tweak your payroll systems to align with the new
    wage rates. Getting this right means staying on the right side of the law—and
    dodging any nasty fines.
  2. With the wage bill going up, you might need to take a fresh look at your budget.
    This could involve moving some funds around or adjusting your business
    strategies to keep your financial health in check.
  3. Make sure to chat with your team about the wage increase. Keeping things
    transparent helps maintain trust and can even lift spirits across your company.
    Happy employees equals happy clients!
  4. Brace yourself—more wage increases are on the horizon for 2024. Being proactive with your financial planning can help smooth out any bumps as they come.
  5. If sorting out payroll updates sounds overwhelming, don’t sweat it—we’re here to
    help. Our services ensure your payroll is spot-on, timely, and compliant, so you
    don’t have to worry about a thing.

How We Can Help

Change can be a headache, but it doesn’t have to throw a wrench in your operations.
Our expert payroll services, starting from just £16.50 + VAT per month, make managing
your payroll a breeze, so you can focus on the bigger picture of your business. Whether
it’s staying compliant with the new laws or handling complex payroll needs, we’ve got
your back.

The increase in the national living wage is a positive move for workers, but it calls for
some quick stepping from employers to keep pace. If you’re feeling a bit daunted or just
want to make sure your business continues to run smoothly, shoot us an email and we
can set up a call to talk it through.


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