National minimum wage increases announced for April 2023
In the autumn statement on 17 November 2022, the Government announced an increase to the National Living Wage (NLW) and National Minimum Wage (NMW), from 1 April 2023. The rates announced include the largest increase to the NLW since its introduction in 2016. This is expected to benefit over 2 million low paid workers across the UK.
Whilst this is a positive announcement for all employees as they feel the effect of the sharply rising cost of living, employers will face an extra hurdle, as they will need to carefully plan for the impact of increased staffing costs amidst other financial pressures such as energy prices.
The new rates from 1 April 2023 will be:
- Age 23 or over (NLW rate): £10.42 (up 9.7% from £9.50)
- Age 21-22: £10.18 (up 10.9% from £9.18)
- Age 18 - 20: £7.49 (up 9.7% from £6.83)
- Age 16 - 17: £5.28 (up 9.7% from £4.81)
- Apprentice rate: £5.28 (up 9.7% from £4.81)
- Accommodation offset amount: £9.10 (up 4.6% from £8.70)
If you have any queries about this article or wish to discuss a related matter, please contact our employment team who will be pleased to help.
