April 9th, 2024.



From April 2024, employees over 21 will be entitled to a National Living Wage (NLW) of £11.44 an hour. Although many businesses already pay their staff members the National Living Wage, some are expecting many challenges.

Over a quarter (26 per cent) of retailers said the increase would lead to them hiring fewer people than they ideally would, while 33 per cent would need to increase their prices to accommodate the rise, according to a survey by Employment Hero.

Increased overheads are likely to put pressure on some employers, squeezing cash flow and affecting growth.

So how should SMEs deal with these challenges? Hopefully, businesses have already looked at the impact this is going to have and how they will deal with the new wage rate. Whether you have or not, this new legislation isn’t going to go away and you can’t ignore it...


For the full story at smallbusiness.co.uk CLICK HERE.