Autumn Budget 2017: National Living Wage to rise in 2018
The projected target for the National Living Wage is 8.75 an hour by 2020
The UK’s National Living Wage will rise to 7.83 in 2018, the chancellor has confirmed, representing a pay increase of 4.4 per cent for low earners.
Currently at 7.50, the National Living Wage is the hourly rate paid to workers aged over 25 years old. The chancellor, Philip Hammond, used his Autumn Budget speech to schedule an increase in April 2018, claiming employees on basic pay would be 600 better off per year.
The announcement followed recommendations from the Low Pay Commission, which also included increases for younger age brackets.
The Low Pay Commission’s full recommendations
The National Living Wage (for workers aged 25 and over) should increase from 7.50 to 7.83
The rate for 21-24 year olds should increase from 7.05 to 7.38
The rate for 18-20 year olds should increase from 5.60 to 5.90
The rate for 16-17 year olds should increase from 4.05 to 4.20
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
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