National Living Wage and National Minimum Wage impact on business costs

The Chancellor confirmed in the Autumn Statement that the National Living Wage for people aged over 21 will increase from 1st April 2024, to the hourly rate of £11.44 – this represent an increase of 9.8%. This will present local shops and in particular convenience stores with significant financial challenges going forward.

The NLW and NMW rates from April are set out here: https://www.gov.uk/national-minimum-wage-rates

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* 1. How much will the proposed increases to the National Living Wage and National Minimum Wage impact on the viability of your business?

A great deal

A lot

A moderate amount

A little

None at all

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* 2. Over the course of the financial year 2023/24, has turnover in your business increased to match the proposed 9.8% increase to the National Living Wage?

Yes, definitely

Yes, probably

I don't know

No, probably not

No, definitely not

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* 3. Taking into account the proposed increase to the National Living Wage and National Minimum Wage, how likely are you to employ more staff or increase the number of staff hours in your business?

Very likely

Likely

Neither likely nor unlikely

Unlikely

Very unlikely

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* 4. If you personally work more than 45 hours per week, in order to keep staff costs down, please tell us how many additional hours you work on average?

Some

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* 5. With an increasing number of job roles coming under the NMW and NLW, some businesses are investing in staff facilities and wellbeing in order to improve retention. Such as improved benefits, lunch facilities, working environment and shift patterns etc.

What action has your business taken to improve staff retention? Please provide an approximation of the additional cost to your business of providing these benefits for staff (per member of staff).

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* 6. In the past year, approximately how much has your business spent on each of the following staff related expenses (per member of staff)? Based on full time employment (ie. 40hrs/wk).

Please answer in pounds and pence in the following format: £0.00. (please skip any categories that are not applicable)

Lunch Benefits etc.

Recruitment.

Uniforms

Private health care.

Death in service benefits/critical and terminal illness cover

Administration and accounting costs directly related to employment (including software)

External Health and Safety Compliance advice/external HR and employment law advice.

National Living Wage and National Minimum Wage impact on business costs

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* 1. How much will the proposed increases to the National Living Wage and National Minimum Wage impact on the viability of your business?

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* 2. Over the course of the financial year 2023/24, has turnover in your business increased to match the proposed 9.8% increase to the National Living Wage?

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* 3. Taking into account the proposed increase to the National Living Wage and National Minimum Wage, how likely are you to employ more staff or increase the number of staff hours in your business?

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* 4. If you personally work more than 45 hours per week, in order to keep staff costs down, please tell us how many additional hours you work on average?

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* 7. Do you have any further comments or concerns with the proposed increase to the National Living Wage and National Minimum Wage?