Autumn Statement 2023 – What does this mean for nannies?
Jeremy Hunt has just announced the Autumn Statement, which includes two key changes that will impact nannies.
Here’s what you need to know:
Boost for Nannies on the Living Wage
The National Living Wage will rise by 9.8%, from £10.42 to £11.44 an hour. This is the largest ever cash increase in the National Living Wage, and as a result, nannies can expect to see a boost in their earnings.
Extra £10 a week for nannies from January 2024
From the 6th January 2024, the main National Insurance rate for employees will be cut from 12%, to 10%. For those on the average UK salary (£35,000), this means you’ll be able to save £450 a year – which is almost £10 per week.
For self-employed nannies, there will be changes to two other areas of National Insurance specific to you, saving you about £350 a year.
For more information about the National Insurance cut, click here.
Our rates & thresholds page will reflect these changes in due course.
