National Living Wage to rise Chancellor confirms
Posted on Tuesday, October 3, 2023 by Admin GradWales — No comments
The national living wage is the lowest amount workers aged 23 and over can be paid per hour by law, and is currently £10.42/hr. There are lower rates for younger workers. It is set to increase to at least £11/hr from next April, the chancellor has confirmed in a Conservative Party conference speech. The government's target is for it to reach 2/3rds of median hourly pay by October 2024.
The rates are decided annually by the government, based on advice from the Low Pay Commission (LPC), an independent advisory group. The LPC's recommendations are normally accepted by Ministers. The LPC has not yet confirmed its' recommendations for next year, but it estimates the rate needed to meet the government's target should be between £10.90 and £11.43.