You are here: Home - Household Bills - News -

National living wage increase kicks in from today

Written by:
The national living wage has gone up by 6.2% from today, giving a pay rise to millions of low-paid workers.

The increase – for those over 25 – takes the basic hourly wage to £8.72 and will add an extra £930 a year to pay packets for full-time workers.

The government announced the change at the end of last year and said it would be the biggest cash increase ever, improving the pay for 2.8 million people.

The chancellor has pledged to raise the national living wage for everyone over 25 to £10.50 within the next five years.

Younger workers under 25 will also receive a pay boost from today, with the minimum wage for 21-24 year olds increasing from £7.70 to £8.20 and from £6.15 to £6.45 for 18-20 year olds.

Bryan Sanderson, chair of the Low Pay Commission, said: “Many of the nation’s key workers – in, for example, the care sector, agriculture, transport and retail – are low-paid, are continuing to work in very difficult conditions and will benefit from today’s increase.”

TUC general secretary Frances O’Grady said: “Britain is indebted to its army of minimum wage heroes. Many – including care workers and supermarket staff – are currently on the frontline of the battle against coronavirus. They deserve every penny of this increase, and more.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week