The National Living Wage (NLW) and the National Minimum Wage (NMW) are increasing. The rise announced in the Autumn Budget 2022 set the minimum wage back on track to reach the Government’s target of two-thirds of median earnings by 2024.

The size of your overall wage increase will depend on the age of your employees and whether they’re currently working as part of an apprenticeship scheme. However, the increase in your payroll costs is something to factor into your financial planning for the year.

The rate for 2023/24 for statutory maternity (SMP), paternity (SPP), adoption (SAP), parental bereavement (SPBP) and shared parental pay (ShPP) will increase from £156.66 to £172.48 per week. In addition, statutory sick pay (SSP) will increase from £99.35 to £109.40 per week.

The minimum weekly amount an individual must earn to be entitled to these payments will remain at £123.

The new NLW and NMW rates from 1 April 2023 will be: