New Minimum Wage Rates Announced
This week, the government announced that National Minimum Wage in the UK is to increase by 20p an hour from £6.50 to £6.70 – the biggest rise in seven years.
Over 1.4 million low-paid workers will benefit from this 3% rise as will younger workers and apprentices.
The hourly rate for 18 – 20 year olds will increase from £5.13 to £5.30 (3%) and by 8p to £3.87 for 16 to 17 year olds (2%).
The statutory minimum for apprentices will jump by 57p to £3.30 – an increase of 20%, which is the biggest ever rise.
David Cameron said: “At the heart of our long termeconomic plan for Britain is a simple idea – that those who put in, should get out, that hard work is really rewarded, that the benefits of recovery are truly national.
“That’s what today’s announcement is all about, saying to hard-working taxpayers, this is a government that is on your side. It will mean more financial security for Britain’s families and a better future for our country.”
Nick Clegg added: “This is just one of the many ways in which we’ve created a fairer society whilst building a stronger economy. If you work hard, this government is behind you all the way.”
The deputy prime minister said: “Whether you’re on low pay or starting your dream career through an apprenticeship, you will get more support to help you go further and faster.”