SGF Survey: NMW & NLW: National Living Wage and National Minimum Wage impact on business costs

The National Living Wage for people aged over 21 will increase from 1st April 2024 to the hourly rate of £11.44 – this represents an increase of 9.8% (YoY). This increase will present the retail sector and in particular convenience stores with significant financial challenges.

SFG are encouraging members to complete a short survey to assess the impact of the increase on our members. The findings will help inform our annual ‘Real Cost of Employment 2024’ report and feed into our response to the Low Pay Commission consultation this summer.  

Please complete the 2min Survey here: SGF Survey: NMW & NLW

The NLW and NMW rates from 1st April are set out in the table below:

The LPC’s Report on the National Minimum Wage (NMW) and National Living Wage) can be accessed at: www.gov.uk/government/publications/minimum-wage-rates-for-2024  

SGF recognise that these increases to the NLW and NMW will have real implications for convenience retailers who are trying run viable, sustainable businesses during these challenging times and will continue raise these concerns with government, politicians and the Low Pay Commission.

The survey will run for four weeks through February and March. We will keep members up to date with the findings in the coming weeks.