Attention all employers and employees! It’s crucial to stay up to date with the latest changes for minimum wage 2024. Ensuring compliance is not only required by law but also ensures fair compensation for your hard-working staff. Stay informed and avoid any penalties by keeping abreast of the changes in minimum wage regulations.
The Government recently made an announcement in November 2023 regarding the upcoming rates for the National Living Wage (NLW) and National Minimum Wage (NMW) that will be implemented starting from April 2024. These rates have been carefully considered and finalised based on the recommendations provided by the esteemed Low Pay Commission. As of 1 April 2024, the revised rates are as follows:
– National Living Wage (21 and over): £11.44, which signifies a notable increase of £1.02 or 9.8% compared to the previous rate.
– 18-20 Year Old Rate: £8.60, showcasing a significant rise of £1.11 or 14.8% from the previous rate.
– 16-17 Year Old Rate: £6.40, demonstrating a substantial increase of £1.12 or 21.2% compared to the previous rate.
– Apprentice Rate: £6.40, also experiencing a considerable increase of £1.12 or 21.2% from the previous rate.
– Accommodation Offset: £9.99, reflecting an increase of £0.89 or 9.8% compared to the previous rate.
These adjustments aim to ensure fair and competitive wages for workers across different age groups and categories, aligning with the government’s commitment to supporting a thriving and equitable workforce. For more information about minimum wage 2024 click here.
If the time-consuming task of managing your payroll is becoming a burden for you and your team, why not consider outsourcing it to experts? At Gross Klein Wood Accountants in Peterborough, we specialize in providing top-notch payroll services for small businesses. By partnering with us for your payroll needs, you can trust that all aspects of your payroll will be expertly handled. Our use of secure and efficient online software ensures that information and reports are easily accessible for you and your employees, streamlining the payroll process for maximum convenience.
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