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Statutory minimum wage levels.
National Minimum Wage rates apply to employees up to the age of 20 (22 before 1 April 2024).
National Living Wage (NLW) rates apply to employees 21 and over (23 and over before 1 April 2024).
The Apprentice rate applies to apprentices under 19, or 19 and over in the first year of apprenticeship.
Penalties apply to employers who fail to pay minimum wages.
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The UK's business groups have pledged to work in partnership with the new Labour government to revitalise the nation's economy.
The UK's tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC's data.