06 Nov National Minimum Wage Rates To Rise Again.
All national minimum wage rates are set to rise again, with the Living Wage – the statutory national minimum wage for those aged 25 and over- will go up the highest by almost 5% from 1 April 2019. It will boost the figure from £7.83 to £8.21.
The increase of 4.9% has been recommended by the Low Pay commission (LPC) and will affect some 2.4 million workers. Full time workers over 25 years old will see a £690 annual pay increase.
Announced in the recent October budget, the government has a target, subject to economic conditions for the National Living Wage subject to sustained economic growth, the governments aim is for it to reach 60% of average earnings by 2020
There are also increases in the National Minimum Wage (those under 25) as follows:
The rate for 21- 24 year olds will rise by 4.3% from £7.38 to £7.70 per hour.
The rate for 18 to 20 year olds will rise by 4.2% from £5.90 to £6.15 per hour.
For 16 t0 17 year olds it will rise by 3.6%from £4.20 to £4.35 per hour.
For apprentices by 5.4% from £3.70 to £3.90 per hour.
The accommodation offset by will also see a rise of 7.9% form £7.00 to £7.55.
The Graham Agency, keeping you informed.