National Minimum Wage
The National Minimum Wage is the minimum pay per hour almost all workers are entitled to by law.
These rates apply from 1 April 2023.
| Category of worker | Hourly rate |
| Aged 23 and above (national living wage rate) | £10.42 |
| Aged 21 to 22 inclusive | £10.18 |
| Aged 18 to 20 inclusive | £7.49 |
| Aged under 18 (but above compulsory school leaving age) | £5.28 |
| Apprentices aged under 19 | £5.28 |
| Apprentices aged 19 and over, but in the first year of their apprenticeship | £5.28 |
The opportunity to close the gap in any shortfalls in your qualifying years for state pension has been extended by the government to 31 July 2023. You can check your contribution history via your personal tax account with HMRC.
This could be worth thousands of pounds to some individuals. You can meet the shortfall by making additional voluntary class 3 payments or class 2 payments if your self employed.
The weekly cost of class 3 is currently £15.85 and for class 2 it’s £3.15 per week. One qualifying year can add approximately £275 per annum onto your state pension per annum and this could be worth thousands from retirement if you live a long healthy life.
You can check out your qualifying years by visiting the government state pension forecast calculator Check your State Pension forecast – GOV.UK (www.gov.uk)
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