The national living wage is set to be increased from £8.91 per hour to £9.50 I understand, on the advice of the Low Pay Commission. The recommendation has been put to the business secretary, @KwasiKwarteng, who is the minister responsible for the Commission. The 6.6%...
increase in what is the minimum wage for all those over 22 years old has been accepted by Kwarteng. It will be formally announced by the Chancellor, @RishiSunak, in the budget on Wednesday. The rise is inflation-busting, and will go some way to compensating the low paid...
for recent significant rises in the price of energy, petrol and food, at a time when the £1000 a year top-up to Universal Credit has been (controversially) removed. The rise will increase employers' costs directly and probably also via an upward ratchet of the wage rates of...
higher paid staff. So companies may feel under greater pressure to increase prices, which in turn would increase the likelihood of the Bank of England putting up interest rates, perhaps at the next meeting of its Monetary Policy Committee on Thursday. There will...
also be increases to the minimum wage rate for younger people and apprentices. If they are raised 6.6% too, in line with the main headline rate, a 21-22 year old would receive £8.91, and an 18-20 year old would receive £6.99 an hour. The rate for apprentices would increase...
to £4.58 per hour. The pay rises would take effect from 1 April next year, so they won't absorb the impact of the current cost-of-living surge for some months.
to £4.58.
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