The Government have announced that there will be the biggest cash pay rise ever as the National Living Wage increases.
This means nearly 3 million workers are set to benefit from an increase to the National Living Wage and the National Minimum Wage.
For workers on a National Living Wage, this looks like an increase of £930 across a year.
It is worth remembering that these increases also apply to staff who are salaried, when making the changes in your payroll.
How Much Are The Wage Increases?
The increases below have been announced by the government and are set to happen on April 1st 2020:
The National Living Wage (25+):
Increases from £8.21 to £8.72.
The National Minimum Wage (21-24):
Increases from £7.70 to £8.20
The National Minimum Wage (18-20):
Increases from £6.15 to £6.45
The National Minimum Wage (Under 18’s):
Increases from £4.35 to £4.55
The National Minimum Wage (Apprentices):
Increases from £3.90 to £4.15
‘Setting Our Sights Higher’
Prime Minister Boris Johnson was positive about the record breaking increase, and said of the wage increases:
“As we enter a new decade, we’re setting our sights higher, to help people earn more over the next five years…. and level up access to opportunity, across our great country.”
The government’s goal is to increase the National Living Wage to £10.50 by 2024.
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