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Minimum Wage is Set to Rise by Almost 10%

Picture: Jeremy Hunt. Photograph: PoliticsHome


The increase from £10.42 to £11.44 is the outcome of a cost-of-living crisis in the UK, in which inflation peaked at 11.1% – the highest increase in 40 years.


Nearly 3 million low-paid workers will be receiving a pay increase of up to 10% next spring after the chancellor announced an increase in the “national living wage” is said to be set to £11.44 an hour.


The extension for the eligibility for the national living wage (NLW) will be set in place by reducing the age threshold from 23 to 21 and, according to the Treasury, a 21-year-old will get a 12.4% increase, from £10.18 this year to £11.44 next year. This will be almost worth £2,300 a year for a full-time worker.


The national minimum wage for 18–20-year-olds in the UK will also increase, with a wage boost from £8.60 an hour to a £1.11 hourly pay rise.


The Treasury also added that the Department for Business and Trade estimates that 2.7 million workers will directly benefit from the increase.


The chair of the Low Pay Commission, Bryan Sanderson, said: “The national living wage has delivered an improved standard of living to thousands of people who care for our children and elderly, work in farms and shops and at many other essential jobs.


“These efforts over the lifetime of the NLW mean over £9,000 per annum more to a full-time worker without any increase in unemployment.


“This hasn’t been easy for employers, with the economy facing a range of unprecedented challenges in recent years.


“The high degree of political and economic uncertainty has made assessing and forecasting the performance of the economy, and therefore our task, very difficult. It is a tribute to my fellow commissioners that we have continued to achieve consensus.”


Similarly, TUC general secretary Paul Nowak welcomed the increase, saying: “This ensures that worker and employer interests as well as the wider economy and labour market are considered. It is a template for better policymaking.”


On the other hand, Nowak suggested an uplift for up to £15 “as soon as possible”, saying most pay packets had fallen in real terms over the last decade. This is because it failed to keep up with inflation.


 


Edited by: Vicky Muzio


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