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The Autumn Budget 2024

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Summary

Information on the Autumn Budget 2024 announced on 30 October 2024 and how it affects Sage Payroll.

Description

The Changes

The Chancellor announced the Autumn Budget 2024 on 30 October 2024. Here are the changes that impact payroll legislation.

National Minimum Wage

The Chancellor announced a rise in the National Minimum Wage (NMW) from April 2025.

  • Over-21s increases to £12.21
  • 18 to 20 year-old increases to £10 
  • 16-17 year-old increases to £7.55
  • Apprentices NMW will increase to £7.55

The NMW for 18 to 20-year olds will also rise from £8.60 to £10 from April 2025.

Employment Allowance

Employment Allowance will increase from £5,000 to £10,500 from April 2025.

National Insurance (NI)

The rate of Employers NI will increase to 15% on an employees earnings above £5000.

There are no other changes that affect Sage Payroll.

 NOTE: For more details, visit the Autumn Budget 2024 page on Gov.uk.

What you need to do

There's nothing you need to do. We update Sage Payroll with any new required legislation updates automatically, before April 2025.