National Living Wage

TimeLord1

The National Living Wage is set to rise to £11.44 from April 2024. 

 

The new rate will also be extended to 21 & 22 year olds for the first time. 

  

This is a pay boost to millions, worth over £1,800 a year for a full time worker

Low Pay Commission - an increase of £1.02 from the current rate of £10.42.

BJV

Good! about time! just hope that the additional costs are not passed on to consumers.

born_again

BJV said:

Good! about time! just hope that the additional costs are not passed on to consumers.

2 choices. Consumers or some people will be looking for new jobs. 🤷‍♀️

BJV

born_again said:

BJV said:

Good! about time! just hope that the additional costs are not passed on to consumers.

2 choices. Consumers or some people will be looking for new jobs. 🤷‍♀️

I agree the money has to come form somewhere. 

LightFlare

Watch inflation go up as prices increase to compensate for the extra cost to employers 

sevenhills

TimeLord1 said:

The National Living Wage is set to rise to £11.44 from April 2024. 

 

The new rate will also be extended to 21 & 22 year olds for the first time. 

  

This is a pay boost to millions, worth over £1,800 a year for a full time worker

Low Pay Commission - an increase of £1.02 from the current rate of £10.42.

What percentage increase is that and what percentage has it increased over the last decade or so, compared to inflation and average wages?

Grumpy_chap

sevenhills said:

TimeLord1 said:

The National Living Wage is set to rise to £11.44 from April 2024. 

 

The new rate will also be extended to 21 & 22 year olds for the first time. 

  

This is a pay boost to millions, worth over £1,800 a year for a full time worker

Low Pay Commission - an increase of £1.02 from the current rate of £10.42.

What percentage increase is that ?

9.7%

I suspect this also gives an indication of the percentage that might be confirmed for state pension or, at least, that the 8.5% inline with earnings will be confirmed:
https://commonslibrary.parliament.uk/the-triple-lock-how-will-state-pensions-be-uprated-in-future/

TimeLord1

National Living Wage (21 and over)	£ 11.44	9.8%
18-20 Year Old Rate	£ 8.60	14.8%
16-17 Year Old Rate	£ 6.40	21.2%
Apprentice Rate	£ 6.40	21.2%

stu12345_2

I think the old method was government worked out what was 60% of the median wage in the UK now they are using 66% eg 2/3 rds of the median wage .I think the UK median weekly wage is around £487 to £500.
don't think of it in % increase but more in pounds n pence.
the trouble I see is employers paying say £11.30 an hour will have to raise their wages to £12.32 to keep the same gap.eg my employer.cos if they don't.i will be looking for another job as the incentive will be gone staying with current employer.

stu12345_2

 UK wage rises are due to slow in the next 2 years.so expect smaller increases in the living wage thereafter.
UK wages have been rising fast over the last 10 years though.

housebuyer143

I'm confused how they intend to keep inflation low when they just gave everyone a 10% payrise? Boe will probably raise rates again soon to compensate.
All companies will need to raise prices now to cover the increased staff costs, which surely will only increase inflation 🤔 
I'm not sure what this government is up to tbh. Talk about embedding inflation.