How Much is the Minimum Wage in 2023?
The National Living Wage (NLW) will rise to £10.42 from 1 April 2023, an increase of 92 pence or 9.7 per cent.
| Rate from April 2023 | Current rate (April 2022 to March 2023) | Increase | |
|---|---|---|---|
|
National Living Wage |
£10.42 |
£9.50 |
9.7% |
|
21-22 Year Old Rate |
£10.18 |
£9.18 |
10.9% |
|
18-20 Year Old Rate |
£7.49 |
£6.83 |
9.7% |
|
16-17 Year Old Rate |
£5.28 |
£4.81 |
9.7% |
|
Apprentice Rate |
£5.28 |
£4.81 |
9.7% |
|
Accommodation Offset |
£9.10 |
£8.70 |
4.6% |
The Low Pay Commission’s (LPC) recommendations ensure the NLW continues on track to reach the Government’s target of two-thirds of median earnings by 2024. The recommendations were unanimously agreed by Commissioners and accepted in full by the Government.
Alongside today’s announcement, the LPC has published its letter of recommendations to the Government and a summary of the evidence that informed them.
The increases announced today will support the wages and living standards of low-paid workers at a time when many are feeling increased pressure from a rising cost of living. They are recommended against a backdrop of a tight labour market where unemployment is at record lows and vacancies remain high as businesses compete to recruit and retain staff.
Alongside the NLW, the Commission recommended significant increases in the National Minimum Wage (NMW) rates for younger workers. The 21-22 Year Old Rate will increase to £10.18, narrowing the gap with the NLW and leaving this age group on course to receive the full NLW by 2024. NMW rates for 18-20 and 16-17 year olds and apprentices will increase in line with the NLW increase of 9.7% in recognition of the tight labour market and strong demand for labour in youth-friendly sectors.
How Much is The London Living Wage in 2023?
The London Living Wage is an hourly rate of pay, currently set at £11.95. It is calculated independently to reflect the high cost of living in the capital, giving a worker in London and their family enough to afford the essentials and to save.
However, organisations must choose to pay their employees the London Living Wage – higher than what they’re required to pay by law.
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- Data SaSiE – Office for National Statistics
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