National Minimum Wage Increase April 2023

From April 2023, workers in the United Kingdom will see an increase in their wages, as the government increases the National Living Wage (NLW) and National Minimum Wage (NMW). This will provide a boost to the incomes of millions of workers, helping them to keep pace with the rising cost of living.

The National Living Wage, which is the minimum wage paid to workers aged 23 and over, will increase by 9.7% from £9.50 to £10.42 per hour. The increase is part of the government's commitment to increase the NLW to two-thirds of median earnings by 2024.

The National Minimum Wage, which applies to workers aged 16 to 22 and apprentices, will also increase. The rates will be as follows:

• Workers aged 21 and 22: from £9.18 to £10.18 per hour (a 10.9% increase)

• Workers aged 18 to 20: from £6.83 to £7.49 per hour (a 9.7% increase)

• Workers aged 16 to 17: from £4.81 to £5.28 per hour (an 9.7% increase)

• Apprentices: from £4.81 to £5.28 per hour (a 9.7% increase)

The increase in the National Minimum Wage will provide a particular boost to young workers and apprentices, who are often paid lower wages than their older counterparts. It is hoped that the increase will encourage more young people to enter the workforce and provide them with the financial support they need to live independently.

The increase in wages and tax thresholds is part of the government's plan to "level up" the UK economy, by boosting the incomes of low-paid workers and reducing regional inequalities. It is also aimed at providing a stimulus to the economy, by putting more money in the pockets of consumers who are likely to spend it.

 Source: Gov.co.uk