Chancellor Jeremy Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800-a-year.
“That will end low pay in this country, delivering on our manifesto promise.
“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
The National Living Wage is set to rise to £11.44 from April 2024.
The new rate will also be extended to 21 & 22 year olds for the first time.
This is a pay boost to millions, worth over £1,800 a year for a full time worker. pic.twitter.com/Hr8rP3iSfn
— HM Treasury (@hmtreasury) November 21, 2023
Hunt said he is accepting the recommendation from the Low Pay Commission, which shows an increase of £1.02 from the current rate of £10.42, reports Sky News.
The National Living Wage rate will also be extended for those aged 21 and 22 for the first time.
Who gets paid the National Living Wage?
The National Minimum Wage is the minimum pay per hour almost all workers are entitled to.
The National Living Wage is higher than the National Minimum Wage which workers get it if they’re over 23, reports the UK government website.
It does not matter how small an employer is, they still have to pay the correct minimum wage.
It’s thought the National Living Wage changes revealed today (November 21) are expected to impact around two million people.
The National Living Wage was introduced in 2016 and currently sets the minimum hourly pay a person over the age of 23 earns when working.
The latest announcement comes ahead of Hunt’s autumn statement which will take place on Wednesday, November 22.
Join the exciting world of cryptocurrency trading with ByBit! As a new trader, you can benefit from a $10 bonus and up to $1,000 in rewards when you register using our referral link. With ByBit’s user-friendly platform and advanced trading tools, you can take advantage of cryptocurrency volatility and potentially make significant profits. Don’t miss this opportunity – sign up now and start trading!
Recent Comments