National Minimum Wage is something which the majority of workers in the UK will be entitled to, whereas National Living Wage is an amount specifically set for Britons over the age of 25. While many are looking towards the Budget next week for economic and finance related announcements, some details have been released ahead of time. One such detail is that the National Living Wage and National Minimum Wage are set to rise this year, as confirmed by the Government.
The age threshold for the National Living Wage is set to be lowered from 25 to 23 to provide more Britons with support.
How will the National Living Wage and National Minimum Wage increase?
The National Living Wage, for people aged 23 and over will rise from £8.72 to £8.91.
People who are aged 21-22 can expect a two percent increase from £8.20 to £8.36.
This body is independent and comprised of Commissioners who derive from academic, business and worker backgrounds.
It is their task to advise the Government on which steps to take concerning the National Minimum Wage and the National Living Wage.
Alok Sharma, Business Secretary, commented on the matter.
He said: “While this has been an extraordinarily difficult year for millions of people, this Government remains absolutely committed to putting more money in the pockets of the UK’s lowest-paid workers.
“This measured rise strikes the right balance between supporting hard-working families through this though time, while protecting firms as they recover from the impacts of COVID-19.”
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