2023 National Living Wage and National Minimum Wage Rates
Alan Kitto
In the Chancellor's Autumn Statement earlier today, the Government announced the new National Minimum Wage (NMW) and National Living Wage (NLW) rates, effective from April 2023.
The new rates are:
For those aged 23 and above - £10.42 per hour (increased from £9.50 per hour)
For those aged 21 to 22 - £10.18 per hour (increased from £9.18 per hour)
For those aged 18 to 20 - £7.49 per hour (increased from £6.83 per hour)
For those aged 16 to 17 - £5.28 per hour (increased from £4.81 per hour)
Because the NLW and NMW both require employees and workers to be paid the prevailing rate for the hours worked in each pay period (per month if they’re paid monthly), an annual salary paid in equal monthly instalments will need to be the following to be compliant:
Based on a 40-hour week:
Aged 23 and above - £23,008
Aged 21 to 22 - £22,478
Aged 18 to 20 - £16,538
Aged 16 to 17 - £11,659
Based on a 37.5-hour week:
Aged 23 and above - £21,570
Aged 21 to 22 - £21,073
Aged 18 to 20 - £15,505
Aged 16 to 17 - £11,659
For more information on this or any other HR matter, please give us a call.