Nlc minimum wage latest news

Here are the latest news and updates on the National Living Wage (NLW) in the UK:

Latest NLW Rates:

• As of April 2022, the National Living Wage (NLW) for workers aged 23 and over is £9.50 per hour.
• The National Minimum Wage (NMW) rates for workers aged 21-22, 18-20, and under 18 are £9.18, £6.83, and £4.81 per hour, respectively.

Recent Changes:

• In March 2022, the UK government announced a 6.6% increase in the NLW, taking it from £9.30 to £9.50 per hour.
• In November 2021, the UK government announced a 9.3% increase in the NLW, taking it from £8.91 to £9.30 per hour.

Upcoming Changes:

• The UK government has announced plans to increase the NLW to £10.50 per hour by 2024, with a 6.6% increase in April 2023 and a further 5.5% increase in April 2024.

Impact on Employers:

• The NLW increase is expected to benefit around 2.5 million workers in the UK, with an estimated 1.3 million workers seeing a pay rise of £1,000 or more per year.
• Employers may need to adjust their budgets and staffing levels to accommodate the increased costs.

Industry Reactions:

• The Federation of Small Businesses (FSB) has called for the government to provide support to small businesses to help them absorb the increased costs of the NLW.
• The Confederation of British Industry (CBI) has welcomed the NLW increase, saying it will help to boost productivity and economic growth.

Other News:

• In February 2022, the UK government launched a review of the NLW, aimed at ensuring it remains a fair and effective way to support low-paid workers.
• The review is expected to consider issues such as the impact of automation on low-paid jobs and the need for more flexible working arrangements.

I hope this information is helpful!