National Minimum Wage (NMW) rises

National Minimum Wage (NMW) rises

The rates of NMW and National Living Wage (NLW) are once again set to rise significantly. The rates that will apply from 1 April 2024 are as follows:

 

Note that the NLW will apply from the age of 21, rather than from 23 as it currently does. Employers often deduct small sums for uniform, food, childcare vouchers or even for places at the child nurseries where the employee works. All of these sums must be taken into account when calculating the net wage (before tax) which HMRC checks against the relevant NMW rate.

Please talk to us before setting up any form of salary substitution, so that we can check that the NMW rules are not being broken.

The complete Spring Newsletter can be found here