MILLIONS of workers will be getting a significant pay rise from today – check to see if you qualify.
Both the National Minimum and National Living wages are rising from today, meaning some people will be better off to the tune of £1,800 a year.
GettyWorkers could be better off by as much as £1,800 a year from today[/caption]
The minimum hourly rate for over 21s will rise from £10.42 to £11.44 from today.
It gives an almost 10 per cent cash boost to nearly three million workers who receive the national living wage and have seen their pay hit by inflation.
The hike is the biggest increase in the minimum wage for a decade and for the first time will apply to over-21s, rather than over-23s.
The minimum hourly wage for an apprentice is also increasing by more than a fifth from £5.28 to £6.40 an hour.
The national minimum wage and the national living wage are both rates of pay set by the government.
But both are different from the Real Living Wage – a voluntary minimum that some employers commit to paying, which is £12 or £13.15 in London as of October 2023.
The hourly rate for the minimum wage depends on how old you are and whether you’re an apprentice.
To qualify for the National Minimum Wage you must be of school-leaving age, which is usually above 16.
To get the National Living Wage workers must be aged 23 and above.
However, it was confirmed before the 2023 Autumn statement announcement that workers aged 21 and over will also be entitled to the National Living Wage from April.
How is the minimum wage increasing?
The minimum wage increases from April 1, 2024.
The current rates for the National Living wage (for those aged 23 and over) and the National Minimum Wage (for those of school-leaving age) are as follows:
23 years and over – £10.42
21-22 year olds – £10.18
18-20 year-olds – £7.49
Under 18 – £5.28
Apprentices – £5.28
From April 1, 2024 workers aged 21 and over will benefit from being able to earn the National Living Wage.
How much is the minimum wage going up by?
The minimum hourly rate for over 21s will rise from £10.42 to £11.44 next April.
This means that nearly three million workers who receive the National Living Wage will get an almost 10 per cent cash boost.
The new rates that will start from April 1, 2024 are as follows:
23 years and over – £11.44
18 to 20-year-olds – £8.60
16 to 17-year olds – £6.40
Apprentices – £6.40
Which workers do not qualify for the national minimum wage?
Those who are self-employed, voluntary workers, company directors, and family members who live in the home of the employer and do household chores do not qualify for the minimum wage.
Au pairs, members of the armed forces don’t qualify either.
People on a government employment programme are also not entitled to the payment.
Elsewhere, we have rounded up all the money changes coming in this month.
The start of the new financial year on April 6 usually brings with it a swathe of changes that can impact your pennies and pounds.
Brits will also benefit from the new energy price cap which comes in today.
Meanwhile, time is ticking to make the most of tax-free savings allowances this year, as millions risk losing out.
GettyIncreases to the national minimum wage and national living wages will give a boost to low-paid workers[/caption]
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