Autumn Statement – National Living Wage Increased
As part of the Autumn Statement delivered on Thursday 17 November, chancellor Jeremy Hunt announced that the National Living Wage will increase to £10.42 an hour for over-23s from April 2023, the equivalent of a 9.7% rise.
*The full rate changes for the National Living Wage and the National Minimum Wage coming in force from 1 April 2023 are:
- aged 23 and over – £10.42 per hour (9.7% rise)
- aged 21–22 – £10.18 per hour (10.9% rise)
- aged 18–20 £7.49 per hour (9.7% rise)
- aged 16–17 -£5.28 per hour (9.7% rise)
- apprentice rate -£5.28 per hour (9.7% rise)
*The National Living Wage is the minimum wage employers must pay their workers aged 23 and over. The rate for other age groups is known as the National Minimum Wage.
Employers will need to ensure they plan for the wage increases and pay their employees at least the relevant rate per hour from April 2023.