April 2024 sees the biggest monetary increase for the National Living Wage to £11.44 per hour, with the age limit also reducing from 23 years old to 21 years old.
The new pay rates for under 21 year olds and apprentices are:
- 18-20 year olds: £8.60 per hour
- 16- 17 year olds: £6.40 per hour
- Apprentices (year one): £6.40 per hour
Also from April 2024, the Statutory Sick Pay rate is £116.75 per week with the weekly rate for Statutory Maternity, Paternity and Adoption Pay sitting at £184.03
The cap for a week’s pay (e.g. for redundancy pay calculations) increases from £643 to £700