Last week, the Chancellor announced the national living wage will hike to over £11 per hour by April 2024.

This means employees on the current minimum living wage could see up to a £ 1,000 pay increase next year.

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Do you know the difference between the National Living Wage and the minimum wage? While the National Minimum Wage is the minimum pay per hour that almost all workers are entitled to, the National Living Wage is higher and applies to workers over the age of 23. No matter how small an employer is, they are required to pay the correct minimum wage.

What is the current National Living wage? 

The national living wage that you will receive for the 2023/24 tax year is £10.42 an hour.

If keeping track of your payroll is costing you and your staff time and causing you headaches, then why do it yourself?

At Gross Klein Wood Accountants Peterborough, we are highly experienced payroll service providers and enable small businesses to efficiently manage their payroll. When you sign up with us for payroll services, you can rest assured that all your payroll requirements will be looked after.

Using online, secure, and highly efficient software, information and reports are shared so you and your employees have everything easily to hand.

Contact our team today today.