National Minimum Wage Increase

The national minimum wage increases from the 1st April 2023.

For an employee over 23yrs old this means an increase of 92p per hour.

If your employee works 35 hours per week this equates to an annual increase of £1,674

After taking in to account employers national insurance (ignoring the employment allowance) and including employers pension contributions the annual increase to the employer for one employee is approximately £1,925.

Can you afford this increase?

Do you need to make staff changes?

Can you increase your prices to cover this?

What will be the effect on your cash flow?

What difference will that have on your profit?

Multiply the increase by the number of staff and this can soon add up to a considerable amount even before taking account of increasing energy costs.

Team ACG