Blog Business Entertainment Environment Health Latest News Lifestyle News Analysis Opinion Science Sports Technology Videos World
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

Share This Post On

Tags: UK Tax National News Minimum wage


Leave a comment

You need to login to leave a comment. Log-in is a Global Media House Initiative by Socialnetic Infotainment Private Limited.

TheSocialTalks was founded in 2020 as an alternative to mainstream media which is fraught with misinformation, disinformation and propaganda. We have a strong dedication to publishing authentic news that abides by the principles and ethics of journalism. We are an organisation driven by a passion for truth and justice in society.

Our team of journalists and editors from all over the world work relentlessly to deliver real stories affecting our society. To keep our operations running, We need sponsors and subscribers to our news portal. Kindly sponsor or subscribe to make it possible for us to give free access to our portal and it will help writers and our cause. It will go a long way in running our operations and publishing real news and stories about issues affecting us.

Your contributions help us to expand our organisation, making our news accessible to more everyone and deepening our impact on the media.

Support fearless and fair journalism today.