National Living wage to rise?
The Chancellor, Sajid Javid has announced plans to significantly increase the rate of the National Living wages over the next 5 years.
The National Living Wage is currently £8.21 for those aged 25 or over, but at the Conservative party conference last week the Chancellor pledged to increase that rate to £10.50 per hour by 2024. He also announced plans to reduce the age threshold for receiving the National Living Wage from 25 to 21 (currently there is a sliding scale of minimum wage rate for employees from 16 – 24). Lower rates of National Minimum Wage will continue to apply to employees aged 16 – 20 under these proposals.