In his speech to the Conservative party conference Jeremy Hunt, the chancellor, said the “national living wage” would be going up to at least 11 per hour. This afternoon the Treasury has announced that, in the autumn statement tomorrow, it will rise to 11.44 per hour. It says:
The chancellor will deliver a pay rise of more than 1,800 a year for a full-time worker, as he confirms that the national living wage will increase by over a pound an hour from April.
The almost 10% pay boost, from 10.42 to 11.44, an hour is the biggest cash increase in the national living wage in more than a decade and fulfils the government’s manifesto pledge to end low pay for those on the national living wage.
Eligibility for the national living wage will also be extended by reducing the age threshold to 21-year-olds for the first time. A 21-year-old will get a 12.4% increase, from 10.18 this year to 11.44 next year, worth almost 2300 a year for a full-time worker.
National minimum wage rates for younger workers will also increase. 18-20 year olds will get a wage boost to 8.60 per hour – a 1.11 hourly pay bump.
The Department for Business and Trade estimate 2.7m workers will directly benefit from the 2024 national living wage increase.
The Treasury says this means the government has now achieved its target of lifting the “national living wage” to two-thirds of median earnings by 2024.
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