At the point of our recommendations their employment rates were close to pre-pandemic levels, aided by the tight labour market and strong demand for labour in youth-friendly sectors. But their employment recovered rapidly throughout 20. Younger workers – those aged under 23 – were the most likely to lose employment during the pandemic. Under these conditions, we judged it appropriate to have a higher increase in April 2023 than in 2024. The consensus among forecasters at this time was for GDP growth to slow and for the labour market to soften over the course of 2023. While the economy had slowed in the lead-up to our advice, the labour market remained very strong. We judged this balance, with a higher increase in 2023 than 2024, to be appropriate given the prevailing economic conditions. To achieve the two-thirds target, our recommendation implied a smaller NLW increase in 2024, when average wage growth was expected to have slowed (see next page for details). This was the on-course rate consistent with achieving the Government’s target of two-thirds of median earnings by 2024. In October, we recommended the NLW should increase by 9.7 per cent (92 pence) in April 2023 to £10.42. For more detail see the accompanying main report and its summary. Our recommendations in October were based on the best evidence available at that point. The NLW and NMW rates effective from 1 April 2023 are shown below.
#MINI CALENDAR 2017 PRINTABLE FULL#
We call our projected 2024 rate the ‘on-course’ rate.Īll sources and references for charts and data can be found at the end of the report.įor the evidence base behind our recommendations for 2023 see our full report. This report looks at what the new rates will mean, the LPC’s work for 2023 and our current projection of the level of the NLW needed to reach the Government’s target of two-thirds of median earnings in October 2024. We met in October 2022 to agree recommendations for the new rates of the National Minimum Wage (NMW), including the National Living Wage (NLW), that come into force on 1 April 2023.
Every year since 1998, Commissioners have unanimously agreed on the LPC’s recommendations to the Government. We are a social partnership body, made up of nine Commissioners representing employers, workers and independent experts. It does not store any personal data.The Low Pay Commission (LPC) is an independent public body that advises the Government on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW). The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
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