As inflation rises and we head into a cost of living crisis, the National Living Wage is set to rise.
The National Living Wage will go up by 6.6 percent from £8.91 an hour to £9.50, impacting nearly two million workers in the UK.
According to the UK Government it will allow a full time worker on the living way to get a pay rise of more than £1,000 per year.
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However the Bank of England warns that inflation could in fact rise above 7 percent come April.
But the rates will differ for under-23, who instead receive the National Minimum Wage.
Their rate will increase from:
- £8.36 to £9.18 for 21-22 year olds.
- £6.56 to £6.83 for 18-20 year olds.
- £4.62 to £4.81 for 16-17 year olds.
- £4.30 to £4.81 for apprentices.
The Treasury confirmed in October ahead of Chancellor Rishi Sunak's Budget that the increase for all over-23s will take place on April 1 2022.
But he has since come under fire as inflation is set to rise again as well as National Insurance.
Energy prices are hitting record highs with the new price cap coming in by April 1, and experts warn they could sky rocket again by another 50 percent in October.
New figures from the Office for National Statistics on Tuesday revealed that average pay in the UK grew by 4.3 percent in the final quarter of last year, but this is currently outstripped by inflation, which has soared by 5.5 percent.
Sunak said: “This wage boost ensures we’re making work pay and keeps us on track to meet our target to end low pay by the end of this Parliament.”
