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National living wage - £7.20 from April 2016

veryintrigued
Posts: 3,843 Forumite


From the budget
The government will therefore introduce a new National Living Wage (NLW) for workers aged 25 and above, by introducing a new premium on top of the NMW. From April 2016, the new NLW will be set at £7.20 – a rise of 70p relative to the current NMW rate, and 50p above the NMW increase coming into effect in October 2015.
The government will therefore introduce a new National Living Wage (NLW) for workers aged 25 and above, by introducing a new premium on top of the NMW. From April 2016, the new NLW will be set at £7.20 – a rise of 70p relative to the current NMW rate, and 50p above the NMW increase coming into effect in October 2015.
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Comments
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Rising to £9
Hats off to them, companies raking millions a year in profits paying crap wages so the tax payer has to top it up in benefits.
For a Tory Government it is the most social based policy to be implemented.
Lets be honest, if you are a multi million pound retailer, why should you pay staff less than they need to live off.I do Contracts, all day every day.0 -
Its good news for some, but I'm sure it will lead to some small companies having to lay off staff.0
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Marktheshark wrote: »Rising to £9
Hats off to them, companies raking millions a year in profits paying crap wages so the tax payer has to top it up in benefits.
For a Tory Government it is the most social based policy to be implemented.
Lets be honest, if you are a multi million pound retailer, why should you pay staff less than they need to live off.
Large retailers will simply pass on the additional cost to their customers. It is the small retailers that this will impact the most, and the only option they will have is to reduce staffing levels. This is not the win some think it is.0 -
Fireflyaway wrote: »Its good news for some, but I'm sure it will lead to some small companies having to lay off staff.
That is the argument rolled out every time someone proposes increasing the minimum wage. It was the argument used when it was proposed to bring in a minimum wage. The reality is that some will, but most won't, because it will even out as the price of goods/services increases.0 -
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All that will happen is that is that the cost of living will keep rising, so we'll be no better off. Still, I'll believe it when I see it.0
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That is the argument rolled out every time someone proposes increasing the minimum wage. It was the argument used when it was proposed to bring in a minimum wage. The reality is that some will, but most won't, because it will even out as the price of goods/services increases.
And the rise in the price of goods/services cancels out the rise in wages, so those people end up no better off.0 -
What concerns me is that some employers - inclusive of big names in the UK - will simply cut staff. Ultimately I fear for my job more now after this than I have ever done because as I do not currently have 2 years service time I can be sacked tomorrow with no comeback.
Besides, it's also hideously misleading - the "LIVING WAGE" is £7.85 outside London, what they're proposing is no living wage by any stretch. What also sickened me to my core was the sight of Iain Duncan Smith celebrating, that honestly felt very disrespectful, classless & disgusting.Retired member - fed up with the general tone of the place.0 -
What I think is hilarious is that by 2020 or even earlier, the minimum wage will be a good bit higher than the lowest band in the NHS so the government will have to fund an increase in NHS salaries. I've just left the NHS so it will make no difference now to me, but I shall watch with amusement.0
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Could someone clarify this for me please.
Will the Living Wage REPLACE the NMW from April 2016?0
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