Chancellor Philip Hammond confirmed in the 2018 Spring Statement that the rates of the National Living Wage and National Minimum Wage would rise from 1 April 2018, as previously announced in the autumn Budget.

The hourly rates will increase in April 2018:

  • from £7.50 to £7.83 for workers aged 25 and over (the National Living Wage)
  • from £7.05 to £7.38 for 21-24 year olds
  • from £5.60 to £5.90 for 18-20 year olds
  • from £4.05 to £4.20 for 16-17 year olds
  • from £3.50 to £3.70 for apprentices aged under 19 or in the first year of their apprenticeship.

The rise in the national living wage for workers over 25 is almost 5 per cent; however, the target of it hitting £9.30 by 2020 has slipped and it won’t get to £9.10 until 2022.

Workers aged under 25 will see the largest increase in a decade in their statutory minimum wage in April 2018, according to the Low Pay Commission.

See our Spring Statement for other announcements made on 13 March 2018

If you would like to discuss the impact of these rises for your business, please contact your usual Bishop Fleming adviser.

 
 
 

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