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National Living Wage Increase Coming April 2024

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.

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.

 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.

 Jerroms Support

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

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

Get In Touch

Please get in touch if you want to talk more about how we can help you.
We offer an initial consultation free of charge which gives us the chance to meet and discuss your needs, with no obligation.

Accountants in Solihull

Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH

0121 693 5000

Accountants in Halesowen

West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, B62 8DY

01384 250202

Jerroms is a trading style of both Jerroms Business Solutions Limited 08923059 and Jerroms GCN Limited 08433008.
Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH