It is that time of year again when we all need to consider the impact of the increase in National Minimum Wages.
National Minimum Wage Rates 2023 – from April 2023, the national living wages (NLW) and national minimum wage (NMW) will increase as follows;
- Age 23+ £10.42 per hour
- Age 21-22 £10.18 per hour
- Age 18-20 £7.49 per hour
- Under 18’s £5.28 per hour
- Apprentice rate £5.28 per hour
Apprentices = aged under 19 or if aged over 19 in the first year of their apprenticeship only.
Other statutory payments –
- SMP/SPP will increase to £172.48 per week
- SSP will increase to £109.40 per week
These changes are often found to be a challenge for a small business who already operates on tight margins. If you have any concerns about how the increase in National Minimum Wages will affect you and your business, please speak to us or your accountant accounts@cjaa.co.uk