It’ll be a nice boost.
More than three million people in the UK can expect to see a decent pay rise from April.
The news comes as the Government confirmed legislation which reflects a new National Living Wage of £12.21 as well as a new National Minimum Wage of £10.00 per hour.
The 6.7% increase of the National Living Wage will mean some full time workers see a boost of around £1,400 to their annual income.
Workers between the ages of 18 and 20, will see an increase of around £2,500 yearly, as the National Minimum Wage jumps up by £1.40.
The changes from April will mean:
- The National Living Wage for those aged 21 and over will rise from £11.44 per hour to £12.21 per hour.
- The National Minimum Wage for 18- to 20-year-olds rises from £8.60 to £10.00 per hour.
- The apprenticeship rate, and for 16-to-17-year-olds rises from £6.40 per hour to £7.55 per hour.
These changes are expected to put an extra 1.8 billion pounds into the hands of hardworking people over the next few years.
Chancellor of the Exchequer Rachel Reeves said: “This Government promised a genuine living wage for working people that will support people with the cost of living, creating a workforce that is fit and ready to help us deliver number one mission to growth the economy. This pay boost for millions of workers is a significant step towards delivering on that promise.”
Employment Rights Minister Justin Madders said: “Economic growth only matters if working people are feeling the benefits. This will be a welcome pay bump for millions of workers who in turn will spend more in the real economy boosting our high streets.
“Our Plan for Change is putting money back into people’s pockets and delivering better living standards across the country.”
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