Beautiful Virgin Islands

Friday, Jul 26, 2024

Minimum wage rise gives boost to 2.7 million lowest-paid

The government's increase in the National Living Wage by over £1 marks the first instance of such a substantial rise, benefiting 2.7 million low-income workers.
This adjustment escalates the main wage rate from £10.42 to £11.44 per hour for workers aged 21 and above, a change from the previous threshold of 23 years.

Younger workers and apprentices will also experience wage increases, with notable hikes to £8.60 and £6.40 per hour, respectively. Consequently, a full-time adult earner on the minimum wage could earn an additional £1,800 annually, and a 21-year-old transitioning to the main rate could see a £2,300 increase.

However, the move has prompted concerns from businesses about rising labor costs potentially leading to higher prices and reduced staff hours.

Samuel, an employee at Grindsmith coffee house, anticipates the raise will somewhat alleviate the financial pressures of escalating living costs, though his employer, Peter Gibson, foresees challenges in maintaining salary differentials and managing increased operational costs.

The government's decision follows recommendations from the Low Pay Commission, aiming to meet the Conservative's goal of ending low pay by matching the minimum wage to two-thirds of average earnings.

The Resolution Foundation highlights this as a 7.8% real-term increase, lauding it as a major policy success in reducing pay inequality since the minimum wage's inception in 1999.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Israel Warns France of Iranian Threats at Paris Olympics
Possible Successors to Rishi Sunak as Conservative Party Leader
Olaf Scholz to Run for German Chancellor Again in 2025
TikTok Fined by UK Regulator for Child Safety Data Reporting Failures
Miracle Baby Born After Gaza Airstrike
Global Tech Outage Caused by Bug in CrowdStrike's Software
Ukrainian FM Open to Peace Talks with Russia, China Reports
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
×