Increased National Living Wage (NLW) & National Minimum Wage (NMW) Rates for 2022
28th February 2022
In accordance with the government’s desire for the NLW to reach two-thirds of median earnings by October 2024, the following increases to the NLW & NMW have been adopted for 2022-23 tax year.
The new rates will be introduced from 1st April 2022 and will be applicable to all payments made after this date.
Employers need to be aware that it is not just hourly paid staff that are affected as these higher rates increasingly bring salaried employees closer to the minimum. This is especially so for a worker aged over 23 working a 40-hour week, where the annual salary will now be £19,760.00
Disclaimer - All information in this post was correct at time of writing.
