Starting from April 2024, the National Living Wage (NLW) is set to experience a significant boost, bringing it to an hourly rate of £11.44. For the first time workers aged 21 and over (previously 23 and over) will be entitled to the National Living Wage. This positive change has several implications for both workers and businesses.

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Higher Earnings for Low-Paid Workers

• Who Benefits? Over 2.7 million individuals across various sectors will directly benefit from this wage increase.
• Fair Compensation: The adjustment aims to provide fair compensation to those who rely on minimum wage earnings. It’s a step toward improving the financial well-being of low-paid workers.

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Business Implications

• Employer: As employers, it’s crucial to be aware of this change. The new NLW rate of £11.44 per hour will impact your payroll expenses.
• Payroll Processes: Review your payroll processes promptly to accommodate the updated hourly rate for eligible employees. Ensuring compliance with the new wage rate is essential.

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Jerroms Support

• Navigating Changes: At Jerroms, our team of experts is here to assist you in navigating these changes seamlessly.

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Whether you have questions, need support with Payroll, or need guidance, reach out to your usual Jerroms contact or contact us.

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