As businesses are preparing for the upcoming changes to National Minimum Wage (NMW), staying compliant with such wage regulations are paramount. In turn, outsourcing your payroll services will keep your business compliant to ensure you have experts in dealing with matters to avoid any fines.
As of 1st April 2024, these significant national minimum wage changes will be introduced by the government aiming to ensure fair compensation for workers across different age groups and employment statuses.
While this is great news for employees, it is important that you’re prepared for the financial impact of your new NMW obligations. As part of our outsourced payroll services, we provide a seamless transition into the new NMW rates, ensuring your compliance with uniformed changes. By partnering with a reputable payroll provider like FT Pay, businesses can navigate NMW changes seamlessly.
Let’s delve into the specifics of the imminent NMW rates and what they mean for your company’s payroll.
Age-Based Minimum Wage Rates: The NMW rates in the UK are structured based on age brackets, with different rates applying to different age groups. Here’s a comparison between the current and upcoming rates:
| Ages | Before (Current) | After (1st April 2024) |
| 23 and over (NLW) | £10.42 | £11.44 |
| 21-22* | £10.18 | £11.44 |
| 18-20 | £7.49 | £8.60 |
| Under 18 / Apprentice | £5.28 | £6.40 |
*Starting from 1st April 2024, workers over the age of 21 will be entitled to the National Living Wage (NLW).
Our team of experienced payroll operators are on hand to help you navigate any changes and meet your statutory obligations to ensure that your workforce is paid accurately and on time. Considering outsourcing your payroll to us? Find out more about our in-house payroll bureau here.
As part of FT Pay, our in-house payroll bureau, we have experienced payroll operators who will assist you in navigating the NMW changes. This will ensure you meet your statutory obligations by paying staff the updated amount. FT Pay also includes several other beneficial services that can streamline processes to make sure your business receives the comprehensive support that goes beyond compliance with NMW changes.
To get in touch about outsourcing your payroll or to enquire about the new NMW update, please don’t hesitate to get in touch with our Commercial Client Director, Fabrice Legris, at @fabricelegris@fiandertovell.co.uk