![[UK] Major increase to National Living Wage announced](http://gpa.net/cdn/shop/articles/bigstock-Hm-Treasury-Sign-In-London-329070838_1200x.jpg?v=1696298778)
On October 2, the Chancellor announced that the UK’s National Living Wage will rise to two-thirds of average earnings in 2024, GOV.UK reports.
The Chancellor made a commitment to accept the Low Pay Commission’s recommendations, which will be announced in November. Based on its latest forecasts, this would see the National Living Wage increase to over £11 an hour from April 2024 and would mean the annual earnings of a full-time worker on the National Living Wage will increase by over £1,000 next year.
People aged 23 and over are eligible for the National Living Wage and more than 2 million workers on low pay are reportedly set to benefit from the increase. The announcement means a full-time worker on the National Living Wage will be over £9,000 better off than they would have been in 2010.
The independent Low Pay Commission produces annual recommendations to the Government on National Living Wage and National Minimum Wage rates. This year it is due to make recommendations for the rates that will take effect from April 2024. The Commission’s remit sets a target for the National Living Wage to reach two-thirds of median earnings by 2024 for workers aged 21 and over, taking economic conditions into account.
Source: GOV.UK
(Quotes via original reporting)
On October 2, the Chancellor announced that the UK’s National Living Wage will rise to two-thirds of average earnings in 2024, GOV.UK reports.
The Chancellor made a commitment to accept the Low Pay Commission’s recommendations, which will be announced in November. Based on its latest forecasts, this would see the National Living Wage increase to over £11 an hour from April 2024 and would mean the annual earnings of a full-time worker on the National Living Wage will increase by over £1,000 next year.
People aged 23 and over are eligible for the National Living Wage and more than 2 million workers on low pay are reportedly set to benefit from the increase. The announcement means a full-time worker on the National Living Wage will be over £9,000 better off than they would have been in 2010.
The independent Low Pay Commission produces annual recommendations to the Government on National Living Wage and National Minimum Wage rates. This year it is due to make recommendations for the rates that will take effect from April 2024. The Commission’s remit sets a target for the National Living Wage to reach two-thirds of median earnings by 2024 for workers aged 21 and over, taking economic conditions into account.
Source: GOV.UK
(Quotes via original reporting)
