People on the minimum wage could get a rise to as much as 12.18 an hour under figures released by the Low Pay Commission. The body has issued a consultation document which could mean a significant increase in money for some of the poorest paid people in the country.
Earlier this year the Low Pay Commission said that for the first time it would factor the cost of living when deciding the rate of the Minimum Wage and Living Wage, in a move to put more money in working people’s pockets. It has confirmed that the final amount - which has not yet been confirmed - for the National Living Wage ‘is within the range of 11.61 and 12.18, with a central estimate of 11.89.’
If approved the increase would come into action from April 2025. The Commission pledged the increase should ‘ensure a real terms rise for the lowest-paid workers’.
It explained: “This is because average wage growth is currently higher than all measures of inflation. If current trends in prices and wages continue then the increase needed to maintain the two-thirds bite will exceed that required to keep pace with expected inflation. Effectively, as economic conditions stand today, this makes the two-thirds bite a ‘floor’ to our recommendations.
“We would only recommend an NLW below the ‘floor’ if doing so was necessary to prevent substantial negative outcomes, such as significant job losses among low-paid workers.” The Low Pay Commission added: “Our recommendations are not purely formulaic. The remit also asks us to...
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