The Low Pay Commission has released a consultation document suggesting that the minimum wage could see a significant boost to as much as 12.18 an hour, potentially increasing the earnings of some of the lowest-paid workers in the UK.
Earlier in the year, the Commission announced that for the first time, it would consider the cost of living when setting the Minimum Wage and Living Wage rates, aiming to increase the income of working individuals. The proposed range for the National Living Wage is between 11.61 and 12.18, with a central figure of 11.89, though the final figure has not been confirmed.
Should the proposal be accepted, the new rates would be implemented from April 2025. The Commission has committed to ensuring that the increase will result in a real-terms rise for the lowest-paid workers.
The Commission 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."
The Low Pay Commission has stated, "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."
Moreover, they elaborated on their approach, saying: "Our recommendations are...
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