Ah, there’s nothing like a surprise pay rise at work. That rollercoaster of your boss randomly pulling you for a one-to-one thinking you’re in the s** only to find out you’re actually getting more cash.
Even if it seems like a small amount, it feels like a big thing – let’s be honest, it can be completely game-changing to see an increase on that monthly pay slip.
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And in just a couple of months’ time, more than three million workers in the UK are set to receive pay rises of up to £2,500. While that’s basically just going to be bringing them up to a more equal playing field, it’s still going to see a money bump to Brits' bank accounts each month.
This rise comes as the National Minimum Wage, National Living Wage and apprenticeship rate are getting a boost.
Government ministers are laying this legislation out today (4 February) to confirm the changes coming into place in April.
It’s going to be the first time the National Living Wage will take into account the cost of living and inflation.
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Plus, it will help put a stop to age-based wage discrimination as it helps to create a single minimum wage for all adults.
Essentially, the National Minimum Wage currently applies to those under the age of 21 or apprentices, whereas the National Living Wage applies to workers over 21 and so they’re making steps to align these.
This came as part of the announcements at the budgets last year with the National Living Wage rising from £11.44 to £12.21 an hour. The government says this will be worth £1,400 a year for eligible full-time workers.
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And the National Minimum Wage is going to increase by £1.40 to £10 per hour, marking a reported record increase. So, full-time workers under 21 who are eligible will apparently be seeing a boost to their pay by up to £2,500 a year.
For apprentices, their minimum hourly wage is set to go up from £6.40 to £7.55.
The government claims over three million workers across the UK are going to be seeing a pay rise and then an additional four million could benefit from ‘positive spill-over impacts’ of these increases.
Chancellor Rachel Reeves said: “This Government promised a genuine living wage for working people that will support people with the cost of living, creating a workforce that is fit and ready to help us deliver number one mission to growth the economy. This pay boost for millions of workers is a significant step towards delivering on that promise.”
Topics: Cost of Living, Money, UK News, Jobs