Estimated reading time: 5 minutes
Starting from the 1st of April, the National Living Wage (NLW) will undergo a 9.7 percent rise to £10.42 per hour for workers aged 23 and over in the UK. In addition, 21-22-year-olds will also have their hourly pay increased by 10.9 percent to £10.18, and a pay increase will also apply to younger workers and apprentices. These increases were recommended by the Low Pay Commission (LPC) and are expected to help the government reach its target of two-thirds of median earnings by 2024. The LPC is currently consulting on National Minimum Wage (NMW) rates for April 2024 and beyond. Despite turbulent economic conditions, the LPC remains confident that the increase in wages is unlikely to have a detrimental impact on the labor market. The estimated increase for the NLW next year to meet the government’s objective is expected to be between £10.90 and £11.43 by the LPC. Moreover, the LPC has pledged to decrease the NLW age limit to 21 years in 2024.
Highlights
- The National Living Wage (NLW) will increase by 9.7% to £10.42 from 1st April, benefiting workers aged 23 and over across the UK.
- 21-22-year-olds will receive a pay rise of 10.9% to £10.18 per hour, while younger workers and apprentices will also see their pay increase by 9.7%.
- In autumn, the Government was recommended by the LPC to increase the NLW.
- The increment of the NLW is a noteworthy measure in attaining the administration’s 2024 goal of reaching two-thirds of the median earnings.
- From 23rd March to 9th June 2023, LPC is conducting a consultation regarding the National Minimum Wage rates for April 2024 and the following years.
- Even though economic conditions are turbulent, unemployment remains low and the NLW increase is not expected to have a harmful effect.
- The estimated NLW increase range for next year is between £10.90 and £11.43 according to the LPC. Moreover, the LPC is determined to reduce the NLW age limit to 21 in 2024 in order to meet the 2024 objective.
AIMS
- To provide a pay rise to millions of workers aged 23 and over across the UK by increasing the National Living Wage (NLW) by 9.7 percent to £10.42 on April 1st.
- To increase pay for 21-22-year-olds by 10.9 percent to £10.18 per hour and for younger workers and apprentices by 9.7 percent.
- To support the UK government’s target of reaching two-thirds of median earnings by 2024 with this NLW increase.
- To enhance the actual worth of the NLW and regain a significant portion of the real value that was diminished since April 2021.
- To encourage public participation in the National Minimum Wage (NMW) consultation from March 23rd to June 9th, 2023, and make recommendations to the government in October.
- In order to attain the government’s objective, it is projected that the NLW will have to increase to a range of £10.90 to £11.43 by 2024, alongside a promise to bring down the NLW age criterion to 21 years by the same year.
UK workers aged 23 and over can expect a pay rise from 1st April 2023, as the National Living Wage (NLW) increases by 9.7 percent to £10.42 per hour. The increase will also benefit 21-22-year-olds, who will see their pay rise by 10.9 percent to £10.18 per hour, and younger workers and apprentices, who will see a 9.7 percent increase in their pay. The increase was recommended by the Low Pay Commission (LPC) and will contribute to the UK government’s target of achieving two-thirds of median earnings by 2024.
The rise in the NLW will restore most of the real value lost since April 2021 and is expected to boost the income of low-paid workers who spend a higher proportion of their income on essential items such as energy and food, especially in the face of high levels of inflation. Despite the economic challenges faced by the country, the labor market has remained strong, and unemployment rates remain low.
The LPC is currently consulting on National Minimum Wage (NMW) rates for April 2024 and beyond, and the consultation will run from 23rd March to 9th June 2023. Bryan Sanderson, Chair of the Low Pay Commission, stated that the NLW increase is unlikely to have a detrimental impact on the economy, and the LPC is committed to lowering the NLW age threshold to twenty-one years of age in 2024.
The LPC has estimated that the NLW will need to rise to between £10.90 and £11.43 per hour next year to meet the government’s target of two-thirds of median earnings by 2024. The LPC has requested evidence and opinions regarding the future of the minimum wage policy after accomplishing the two-thirds goal.
The increase in NLW is a significant step towards improving the income of low-paid workers in the UK, and the consultation on NMW rates for April 2024 and beyond will ensure that the government’s targets are met while balancing the needs of workers and employers. The NLW increase is a positive move, given the current economic climate, and it is hoped that it will contribute to a more equitable and fair labor market in the UK.
Source: Gov[Dot]UK
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