Brits are bracing themselves for a steep hike in bills and National Insurance deductions as the cost of living crisis worsens in the UK.
Just weeks ago, Ofgem announced that gas and energy bills are set to increase in April by a vast £693, on average.
Just days prior, Rishi Sunak had announced that National Insurance was also rising in April, by 1.25%.
While those earning less than £9,880 will not have to pay the new levy, the move means those earning upwards of £20,000 will face significantly increased contributions.
Many are worried about how they will cope with the increased cost of living, and Mirror's expert team are here to help with all of your questions answered, and tips and tricks to reduce costs.
Though it is unlikely to make up for the steep hike in living costs, the national minimum wage is finally rising in just months.
Here's everything you need to know about the increase.
What is National Minimum Wage and how does it work?
The National Minimum Wage is the minimum amount hourly pay workers are legally entitled to be paid for their jobs, regardless of whether they are temporary or permanent staff.
The only people who are not entitled to minimum wage pay are those who are self-employed.
The minimum wage payable is dependent upon the person's age and whether they are an apprentice.
The government website states that you must be of school leaving age (16) to receive the minimum wage, while a new system introduced in 2021 means those aged 23 and over now receive a National Living Wage.
The guidance also explains: "It does not matter how small an employer is, they still have to pay the correct minimum wage."
What is National Living Wage and when does it go up?
National Living Wage is a scheme that was introduced in 2016, but until April 2021 it was only available to those aged 25 and over.
It is now payable to anyone aged 23 or over, while those between 21 and 22 are paid the minimum wage amount.
The amount workers receive is higher than that of national minimum wage pay, and it will be rising on April 1, 2022.
The increase was announced as part of Chancellor Rishi Sunak's Autumn Budget plans in 2021.
At the time, he had also predicted a rise in inflation rates, but few were prepared for the news that rise was set to hit the highest in 30 years to 5.4% in January.
How much will National Living Wage and National Minimum Wage be going up by?
As of April 1, 2022, national living wage will be increasing by 59 pence from £8.91 to £.9.50 per hour. This works out to an extra £1,000 annually for full-time workers in the UK.
Those on national minimum wage will see a pay increase of 82 pence from £8.36 to £9.18, while apprentices will be paid £4.81 per hour, a 51 pence increase.
The new minimum wage is in line with what the Living Wage Foundation believes allows for those on it to live comfortably in the UK.
But Labour Shadow Chancellor Rachel Reeves was disappointed by the amount put forward by Sunak and said the government should have raised it to at least £10 an hour.
