Back

Due to our firm’s annual update, our offices will be closing early today at 4:15pm. We will be open as usual from 9am Friday morning.

Get in Touch Menu

Autumn statement: Key financial changes for workers

22 November 2023

The government today outlined some key financial changes for workers in 2024 as part of this year’s autumn statement.

National insurance

Firstly, the 12% rate of employee national insurance contributions will be cut to 10% from 6 January 2024. This will reportedly affect 28 million people across the UK.

In addition, class 2 national insurance paid by self-employed workers will be abolished, while class 4 contributions will be cut by 1 percentage point.

National living wage

As pre-announced, the national living wage will increase to a minimum of £11.44 per hour (up from £10.42) and will be extended to those aged 21 and 22 for the first time. This change will take effect in April 2024.

These changes will mean tax savings for a great deal of workers, although the impact from an employment law perspective is overshadowed compared to the recently-published Employment Rights (Amendment, Revocation and Transitional Provision) Regulations 2023, which are likely to come into force as soon as 1 January 2024.

We recently summarised these changes in a short article, which is available for you to read here.

2024 looks to be a year of much change in employment law. As always, we will keep you updated on the key developments.

If your business requires support from our expert team of employment lawyers, please don’t hestitate to contact us.

Contact us

Our Legal 500-rated employment law team are experts in guiding businesses of all sizes and backgrounds through a range of issues that may arise.

Disclaimer: All legal information is correct at the time of publication but please be aware that laws may change over time. This article contains general legal information but should not be relied upon as legal advice. Please seek professional legal advice about your specific situation - contact us; we’d be delighted to help.
Contact
Hayley Ainsworth BA, MSc
Senior associate, solicitor
View profile
Related services
Share this article
Resources to help

Related articles

Employment law under Labour: what does the 'new deal' look like?

Employment & business immigration

How could employment law change under Keir Starmer if Labour go on to win the general election? With a general election looming, and polls leaning toward the UK having a…

Jenny Hawrot LLB (Hons)
Partner

Mental health & the Equality Act: tips for employers

Employment & business immigration

During Mental Health Awareness Week, employers may be thinking about things they can do to support employees suffering with their mental health. Besides the general duty of care that employers…

Jenny Hawrot LLB (Hons)
Partner

Employment law changes: a 2024 update

Employment & business immigration

Our employment law & business immigration team have put together a useful timeline to help you and your business keep on top of developments throughout the year. For several years,…

Klára Grmelová MGR (LLM Czech)
Solicitor
Contact us