The minimum wage in the United Kingdom (UK) is set to rise to £11.44 per hour from April 2024.
The minimum wage – known officially as the National Living Wage – varies according to the age of the employee, and is updated every April.
From 1 April 2024, the rates will rise to:
- National Living Wage for over-23s: £11.44 an hour, up from £10.42
- National Living Wage for those aged 21-22: £11.44, up from £10.18
- National Minimum Wage for 18 to 20-year-olds: £8.60, up from £7.49
- National Minimum Wage for under-18s: 6.40 up from £5.28
- The Apprentice rate: £6.40 up from £5.28
The policy change comes ahead of Chancellor Jeremy Hunt’s Autumn Statement, which will see the Chancellor of the Exchequer (the UK’s Finance Minister) outline the government’s latest tax and spending decisions.
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Jeremy Hunt had in October told the Conservative Party conference that the minimum wage was set to rise above £11 in April, but the confirmed rises represent a 9.8% increase for over-23s on last year, and a 12.4% jump for workers aged 22 and 21.
The Chancellor has decided the rate will also apply to 21 and 22 year-olds for the first time.
The separate National Minimum Wage for 18-20-year-olds will also increase to £8.60 an hour from £7.49, meaning in total, the above-inflation wage hikes will benefit 2.7 million low-paid workers.
Apprentices will also get a rise, with an hourly pay increase of over 20%, going from £5.28 to £6.40 an hour.
The proposal for the wage increase will given by the Low Pay Commission, an agency that advises the government on the minimum wage.
The move comes as the higher cost of living has led to household budgets being squeezed, with people on low incomes the hardest hit by higher energy and food bills.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
