Any childcare business with assistants should note the following in the autumn statement.
The National Living Wage for 23 year olds will increase from £10.42 an hour to £11.44 per hour from April 2024.
This rate will also now apply to 21 and 22 year olds.
The new rates from 1st April 2024 as as follows:-
- 21 and over £11.44 – (9.8%) increase from previous rate
- 18-20 – £8.60 – (14.8%) increase from previous rate
- 16-17 and apprentices £6.40 (21.2%) increase from previous rate
Class 1 national insurance for employees will be cut from 12% to 10% for employees earning between £12,570 and £50,270. This is implemented at the start of the new year on the 6 January 2024.