From April 2023 the National Living Wage and the National Minimum Wage are increasing. As an employer you need to make sure that all your employees earn at least the NMW.
The new rates from April 2023 are:
The increase to the National Living Wage (NLW) paid to those aged 23 and over at 9.7% is the largest ever increase to the NLW and ensures that everything stays on track to reach the government’s target of two-thirds of median earnings by 2024.
It has also been confirmed that from 2nd April 2023 the rate for family friendly payments, including statutory pay for maternity, paternity, adoption, shared parental and parental bereavement leave will increase to £172.48.
The rate for Statutory Sick Pay will increase to £109.40.
The Lower Earnings Limit, over which must be earned on average to qualify for many statutory payments will remain at £123.00.