Further to the Autumn Statement announced by Jeremy Hunt on 18 November 2022 the National Minimum Wage changes from April 2023 have been confirmed.
Now is the time to not only look carefully at your hourly paid employees but also consider the hourly rate of your salaried employees. E.g. a typical 25 year old employee working FTE of 37.5hours may be currently receiving £19500 which equates to £10ph and therefore compliant with current NMW rates. However, as of April 2023 their salary will need to be raised to a minimum of £20319 to comply with increased NMW of £10.42ph.
You may also want to consider a strategy of proactively managing any queries regarding the differentials and % increase of those who are paid in excess of the NMW. Should you have any queries please do not hesitate to make contact with a member of the team 0333 2005153
