The Prime Minister has announced that the adult minimum wage will be rising from the 1st of April 2023.

The details of the increase are shown in the table below.

How can you prepare for the increases?

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• If you have employees on the minimum wage, notify them of the increase they will be getting
  It is recommend that you send them a letter or email (variation of employment contract) advising them of the new wage.
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• Check your payroll systems and processes
  Talk to the person who looks after your payroll system (payroll provider, accountant, HR or finance) to make sure they are ready for the change. If your system is computer-based, check and confirm the settings will be adjusted for the new rates.
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• Think about pay relativity
  Employees on higher wage rates may want to negotiate a pay increase to keep the relative difference. You may want to consider ahead of time how your employees are paid compared to each other. External benchmarking e.g. how your wage rates compare to others in your industry, can also be very useful.
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• Update your budget
  To help plan for and manage the effect of higher wage and holiday pay liabilities, add any expected increased costs to your budget forecasts.

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If you have any questions, please contact your Campbell Tyson advisor or call our 24/7 helpdesk on 0800 883 718.