Archive for the ‘National Living Wage’ Category

National Living Wage of £7.20 per hour comes into force for workers aged 25 and above.

Monday, May 16th, 2016

National Living Wage of £7.20 per hour comes into force for workers aged 25 and above

First announced by the Chancellor in his Summer Budget last year, the new National Living Wage delivers a key part of the government’s plan to move towards a higher wage economy.

In some parts of the country, a fifth of the entire workforce will benefit directly from today’s increase. It will mean a £900 cash increase for a full-time worker on the current National Minimum Wage and by 2020, 2.9 million workers are expected to benefit directly. The Office for Budget Responsibility (OBR) estimating that in total, up to 6 million people could see a pay rise as a result of a ripple effect causing pay to rise further up the earnings distribution.

(more…)