Economy

Minimum Wage Increases by 4.9%

Minimum Wage Increases by 4.9%”

Almost 2 million workers in the United Kingdom will be boosted by an increase in the minimum wage which comes into effect from today.

Rises in the compulsory minimum wage have also failed to keep pace with the average pay of FTSE 100 chief executives.

The Living Wage Movement Aotearoa New Zealand is excited to announce the Living Wage has increased from $20.55 to $21.15. Nearly 2 million workers will benefit from the pay rises.

"We are committed to making sure that United Kingdom workers get a fair day's pay and the rise in the National Living and Minimum Wage, benefitting millions of people, delivers on this commitment", said Kelly Tolhurst, the business minister.

"This government is dedicated to increasing the wages of the lowest paid which is why we introduced the National Living Wage and have continued to increase the National Minimum Wage rates - all of which will rise again today and benefit millions of workers".

It comes after the minimum wage lifted today, from $16.50 to $17.70 per hour.

It says that the scale of minimum wage coverage today means that it now plays a fundamental role in the United Kingdom economy, and has created big labour market challenges, such as how workers progress out of low pay, alongside welcome annual pay rises.

Those on minimum wages continue to endure higher household bills, with gas and electricity prices typically rising by £117 per year for those on variable or default tariffs.

"Today is particularly significant as it also marks 20 years of the National Minimum Wage".

The Trade Union Congress has demanded that the minimum wage be increased further, claiming young people are being treated unfairly.

The real living wage is an independently calculated pay rate created to reflect what people need to spend to feed, clothe and house themselves, and stands at £9 an hour, or £10.55 in London.

The TUC's general secretary, Frances O'Grady, said: "Young workers are still getting a raw deal on pay".

The TUC said the average 21-24 year-old minimum wage worker was earning £800 a year less than over 25s.

It's not too late to consider the businesses around us struggling to make ends meet, and whether this could send them over the brink.

The National Living Wage is different from the real living wage, which is calculated by what people in full-time work need to live comfortably.

"This is a major event in the calendar of the Living Wage Movement and for ethical employers, from large corporates like Westpac, to big SMEs like Seashore Cabaret, to many small employers who want to do the right thing", she says.

In other words, the rise in wages is not enough to really counteract the number of rises in inflation.



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