Rising wages ahead
In the Autumn Statement delivered on 17 November, rises to the National Living Wage and National Minimum Wage rates were announced, to take effect from 1 April 2023.
In the Autumn Statement delivered on 17 November, rises to the National Living Wage and National Minimum Wage rates were announced, to take effect from 1 April 2023:
- 23 year olds and over: increasing by 9.7% to £10.42 an hour
- 21-22 year olds: increasing by 10.9% to £10.18 an hour;
- 18-20 year olds: increasing by 9.7% to £7.49 an hour;
- 16-17 year olds: increasing by 9.7% to £5.28 an hour; and
- Apprentice rate: increasing by 9.7% to £5.28 an hour.
Whilst these increases will no doubt be welcomed, they do still fall behind the current real Living Wage rate for 2022/23 of £10.90 an hour for all parts of the UK excluding London (London is currently £11.95 an hour). ONS statistics from earlier this month showed a positive reduction in the number of workers earning below the living wage – down to a ten-year low of 3.5 million. However, the Living Wage Foundation has warned that due to the rising costs of living, this is forecast to rise considerably next year to an estimated 5.1 million workers. Wage pressures are therefore likely to continue for some time – including the potential for industrial action where pay negotiations stall.
Author
Mark Hickson
Head of Business Development
onlineteaminbox@brownejacobson.com
+44 (0)370 270 6000
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