Minimum Wage in a Recession

Bethany_katherine

Hi, i'm a 22 year old graduate and recently got a graduate job. I was looking forward to next year as national living wage was being reduced to 23 instead of 25 which would mean, coupled with the yearly minimum wage increase, that my salary would increase significantly. However, now the UK has announced a recession, would this impact how minimum wage increases next year?

soolin

Bethany_katherine said:

Hi, i'm a 22 year old graduate and recently got a graduate job. I was looking forward to next year as national living wage was being reduced to 23 instead of 25 which would mean, coupled with the yearly minimum wage increase, that my salary would increase significantly. However, now the UK has announced a recession, would this impact how minimum wage increases next year?

Possibly yes , but it’s just guesswork. With so many jobs lost and people fighting against stiff competition for the jobs there are I suspect we are all going to be looking at reduced income for the next few years .

dcfc67

Get a job in the NHS.
Under 25 rates of pay don't apply if you have qualfications

Thrugelmir

A brake may well be applied. Overall unemployment is going to rise. With certain lower paid sectors being particularly hit hard in the short term. Imposing an additional cost burden on employers will simply be detrimental to getting the economy growing.