Minimum and Living Wage increases are coming

Minimum and Living Wage increases are coming

As an umbrella company, it is important to stay up to date with the latest changes in employment legislation, including the recent increases to the National Living Wage (NLW) and National Minimum Wage (NMW) that are set to take effect in April 2024.

From 1st April 2024, workers aged 21 and over will be entitled to the National Living Wage.

The National Living Wage (NLW) will rise from £10.42 to £11.44 and the National Minimum Wage (NMW) will rise from £7.49 to £8.60 for those aged between 18-20 (please see the table below for the other age brackets increases).

 

Wage increaseAs a responsible employer it is our duty to ensure that all of our workers are paid fairly, and at least the NLW or NMW for each hour worked. As a result, the minimum assignment rate due to Sapphire for umbrella workers will also increase.

We understand that these increases may have an impact on our clients, who may need to adjust their payroll and budgeting plans to account for the increased cost of employing umbrella workers. However, it is important to remember that the NLW and NMW increases will provide much-needed relief to low-paid workers, including those who work for umbrella companies.

At Sapphire, we are committed to ensuring that all our workers are paid fairly and in line with the latest employment legislation. We will continue to monitor the NLW and NMW changes and ensure that our workers receive the correct minimum assignment rate for each hour worked.

Please contact your dedicated Account Manager to discuss your specific minimum umbrella rate from April 6th, as this will impact all new and current umbrella employees.