Client accessAutumn Statement 2023 – National living wage and National minimum wage
Budget Summary
- Income tax
- National insurance contributions
- National living wage and National minimum wage
- Individual savings accounts
- Pension tax limits
- Backing British business
- Other Taxation matters
- Back to work
- State benefits
- Making tax digital
The government has accepted in full the recommendations of the Low Pay Commission and announced increased rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2024. In addition, from April 2024 the NLW will be extended to 21 and 22 year olds. The rates which will apply from 1 April 2024 are as follows:
| Age | NLW | 18-20 | 16-17 | Apprentices |
| From 1 April 2024 | £11.44 | £8.60 | £6.40 | £6.40 |
The apprenticeship rate applies to apprentices under 19 or 19 and over in the first year of apprenticeship. The NLW applies to those aged 21 and over.
| Comment |
| The Department for Business and Trade estimates 2.7 million workers will directly benefit from the 2024 National Living Wage increase. |
