National Living Wage rising to £10.42 in April
Matthew Pinto-Chilcott – Owner of Consensus HR comments: “National Living Wage rising to £10.42 in April – When writing this, it is November 2022, but I believe it is best for all businesses to know well in advance what the new National Living Wage (NLW) is going to be in the next financial year, so that they can plan accordingly. Wages / Salaries are one of the highest financial outgoings that companies face on a weekly, monthly and yearly basis and need to be fully considered and part of the plan when planning their Recruitment / Organisational structures. Employees are what helps make a business successful but having the funds available to have them, is key to a successful business and team. Business Owners / Managers have to ensure, as with all areas of HR and business in general that the correct measures are taken when faced with an increase in anticipated costs such as wages to ensure the growth / success of the business and motivation / culture of its team. Failure to plan can result in a demotivated team, poor customer service and sales and believe me, it is not easy as I have found during the past 10 years and the economic difficulties businesses have had to endure.”
The National Living Wage – the legal minimum wage for workers aged 23 or over – will increase from £9.50 to £10.42 an hour in April, a rise of 9.7%. Chancellor Jeremy Hunt has also revealed that the National Minimum Wage for those aged 21-22 will increase from £9.18 to £10.18 in April; the rate for 18 to 20-year-olds climbs from £6.83 to £7.49; those under 18 will see minimum hourly pay increase from £4.81 to £5.28; and the Apprentice rate will be lifted from £4.81 to £5.28.