National Minimum Wage (NMW) set to increase – April 1 2018
Posted: 2 February 2018 at 9:12 am | Author: Lauren Daws
It’s good news for all workers earning NMW rates this April, but especially for those under the age of 25 who will see the ‘largest increase in a decade in their statutory minimum wage’ according to the UK government website. See below how much it’s set to increase:
- National living wage – from £7.50 to £7.83
- 21-24 year old rate – from £7.05 to £7.38
- 18-20 year old rate – from £5.60 to £5.90
- 16-17 year old rate – from £4.05 to £4.20
- Apprenticeship rate – from £3.50 to £3.70
The increase in the national living wage will lead to workers who are paid minimum wage, earning an extra £50 a month and £600 a year. Hammond’s announcement that the national minimum wage will be increasing is said to be linked with the Conservative’s promise of a national living wage of £9 by 2025, according to the daily mirror.
- Study AAT online: Begin your career in finance with our flexible, online accounting & bookkeeping courses!
- Huge reduction in cost for the new Level 2 Accounts/Finance Assistant Apprenticeship Standard – Available Now!