Britain minimum wage increase overview:
- Who: UK Finance Minister Jeremy Hunt announced Britain will be increasings its minimum wage to £11.44 per hour starting in April 2024.
- Why: The increase is expected to benefit nearly three million workers in the UK and helps fulfill the government’s goal of having its minimum wage reach two-thirds of average earnings.
- Where: The wage increase will affect minimum wage earnings throughout the UK.
UK Finance Minister Jeremy Hunt has announced that Britain will be increasing its minimum wage to a total of £11.44 an hour — an increase of 9.8% — starting in April 2024.
The increase makes Britain’s minimum wage one of the highest as a share of average earnings of any advanced economy in the world, reports Reuters.
Hunt revealed the increase the day before unveiling a mid-year budget update that is reportedly expected to reduce taxation and put more requirements on unemployed individuals to either find work or risk losing benefits.
The finance minister previously told attendees at the annual conference for his Conservative Party that he planned to increase the minimum wage to at least £11 per hour to fulfill a goal of having it be two thirds of average earnings, reports Reuters.
Wage increase in Britain expected to benefit nearly three million workers, says government
The wage increase is expected to benefit nearly three million workers starting next year, with the extra pay coming to a total of £1,800 a year, according to the government.
The move is the biggest ever increase to Britain’s National Living Wage, which has doubled in cash terms from around £10,500 in 2010 to almost £21,000 per year for full time workers, the government said.
“Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise,” Hunt said, in a statement.
The National Living Wage was introduced in 2016 and currently sets the minimum hourly pay a person over the age of 23 must earn while working, however, the new rate will also now apply to 21- and 22 year olds, according to the government.
In past news involving minimum wage, the transportation company Uber responded to a March 2021 decision by the UK Supreme Court that entitled Uber’s drivers to pensions, paid leave, and minimum wage, among other benefits.
Are you affected by Britain’s minimum wage increase? Let us know in the comments.
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