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How much is National Minimum Wage?

National Minimum Wage is currently:

Apprentice - £5.28

Under 18 - £5.28

18 to 20 - £7.49

21 to 22 - £10.18

23 and over - £10.42

 

From 1st April 2024, workers aged 21 and over will be entitled to the National Living Wage, ensuring fair compensation for their labor. The updated rates are as follows:

 

Apprentice - £6.40

Under 18 - £6.40

18 to 20 - £8.60

21 and over - £11.44

 

These adjustments aim to provide a more sustainable income for individuals across various age groups, reflecting the evolving economic landscape. Employees stand to benefit from increased wages, contributing to improved financial stability and overall well-being.

 

However, for employers, staying compliant with these wage changes can be challenging, particularly for small businesses or those without dedicated financial expertise. Failure to comply with minimum wage regulations can result in legal repercussions and damage to the company's reputation. To navigate these complexities effectively, employers may consider consulting with an experienced accountant.

 

At Ultra Tax Ltd, we understand the intricacies of wage legislation and offer tailored solutions to ensure compliance while optimising financial efficiency. Our team of professionals provides expert guidance on payroll management, tax implications, and overall financial strategy. By partnering with us, employers can confidently navigate wage updates and focus on driving business growth. Whether you're a small startup or an established enterprise, we're here to support your financial needs. Contact us today to see how we can help you thrive in a changing economic landscape.

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