How Minimum Wage Increases Will Affect Your Business
Minimum wage rates will be increasing from 1st April 2024, with an extra change this year being that all individuals in employment over the age of 21 will be entitled to the national living wage.
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Minimum wage rates 2024/25
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Employer pension and national insurance costs
If you employ an individual over the age of 23 who works 37.5 hours (full time hours) at the national living wage rate, see the following cost increases from 1st April 2024:
Wage Details Up to 31st March 2024 @ £10.42 p/h From 1st April 2024 @ £11.44 p/h Cost Increase % Increase
Gross Wages per week £390.75 £429.00 £38.25 Employer NIC’s £29.77 £35.05 £5.28 Employer Pension Costs £8.12 £9.27 £1.15 Total Costs £428.65 £473.32 £44.68 10% -
Steps for your business to take
In order to maintain profit levels, as a business owner you will need to:
- Save costs elsewhere to cover additional wage expenses
- Raise your prices
- Check if you are eligible for any employment grants (sign up to our monthly newsletter for updates on grants and business resources)
See current employment grants as at February 2024:
Job Start Scheme (Closing 31 March 2024)– Employers in Northern Ireland can receive 100% government funding to create 6-month job opportunities for 16-24 year olds who are not in employment. Click here for more information.
Work Experience Programme – Employers who provide a person with a work experience placement through this scheme may receive an incentive payment of £250 plus employers who provide an Opportunity Guarantee placement will receive an additional £250 incentive payment at the end of the placement. Click here for more information