LONDON (dpa-AFX) - More than 3 million workers n the U.K. will receive a pay boost after the Chancellor of the Exchequer Rachel Reeves confirmed that the National Living Wage will increase from £11.44 ($14.82) to £12.21 ($15.82) an hour from April 2025.
The 6.7 percent increase is worth £1,400 ($1,814) a year for an eligible full-time worker, the Treasury said.
The National Minimum Wage for 18 to 20-year-olds will also rise from £8.60 ($11.14) to £10 ($12.95) an hour - the largest increase in the rate on record. This £1.40 ($1.81) increase will mean full-time younger workers eligible for the rate will see their pay boosted by £2,500 ($3,238) next year. This marks the first step towards aligning the National Minimum Wage and National Living Wage to create a single adult wage rate, which would take place over time.
The move comes ahead of the UK Budget. A Labor Government's first budget in 14 years will be presented by Rachel Reeves Wednesday.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
