Minimum Wage To Rise 21% for Young Workers and 9.8% For Many
Published / Last Updated on 21/11/2023
The minimum wage, known as the National Living Wage, usually increases on the 1st April each year based upon inflation rates in the previous September. Earlier this year, the September 2023 inflation rate was 6.7% and the Chancellor of the Exchequer, Jeremy Hunt has confirmed that the National Living Wage for April 2024 will increase by 9.8% pa to £11.44 for 23-year-olds but this will also now apply to 21-year-olds which represents a huge increase for younger workers in the 21-22 year old bracket of .12.4% pa and even more at over 21% for under 19s. Way over the inflation rate.
UK National Minimum Wage Rates from 1st April
National minimum wage rates are set each year for the coming year 1st April through to 31st March. They are usually increased by inflation or sometimes at faster rates than inflation.
Rates are based upon your age:
|
Age Band |
Current Minimum Wage 2023 |
New Minimum Wage from 1 April 2024 |
% Increase |
|
National Living Wage 23ys+ |
£10.42 per hour |
£11.44 per hour |
9.78% |
|
National Minimum Wage 21-22ys |
£10.18 per hour |
£11.44 per hour |
12.4% |
|
National Minimum Wage 18-20ys |
£7.49 per hour |
£8.60 per hour |
14.8% |
|
National Minimum Wage Under 18ys |
£5.28 per hour |
£6.40 per hour |
21.2% |
|
National Minimum Wage Apprentice |
£5.28 per hour |
£6.40 per hour |
21.2% |
Comment
Is this a ‘vote grab’ for younger voters? If so, we suggest it will miss its mark as many younger voters will not even register that they are being given a rise of 14.8% or 21.2%.
Inflation is now down to 4.6% but minimum wage increases have been increased at much more than the September inflation rate and even higher for younger workers. This will not help inflation, but it will certainly encourage younger workers to work, if the government does, as forecast by some to reduce or restrict benefits in the Autumn statement tomorrow.