National Minimum Wage from 1st April 2024
The National Minimum Wage (NMW) and the National Living Wage (NLW) are integral components of the UK's labor market regulations, established to uphold principles of fairness and economic security for workers.
The NMW serves as a legal safeguard, setting the minimum hourly rate that employers must pay their employees, irrespective of age or industry.
On the other hand, the NLW specifically targets workers aged 23 and over, ensuring they receive a wage deemed adequate for maintaining a decent standard of living.
From 1 April 2024, workers aged 21 and over will be entitled to the National Living Wage.
April 01, 2024:
21 and over £11.44
18 to 20 £8.60
Under 18 £6.40
Apprentice £6.40
Together, these measures aim to prevent exploitation, reduce income inequality, and enhance overall well-being by guaranteeing a baseline level of compensation for labour.
By continually assessing and adjusting these rates, policymakers strive to uphold the values of dignity and equity in employment while fostering a sustainable and inclusive economy.