The National Minimum Wage and National Living Wage are set to increase from April, meaning bigger salaries are inbound for thousands of workers.
The National Living Wage is set to rise by 2.2% in April 2021 – above the rate of inflation – resulting in around an extra £345 per year for full time workers.
In addition to this, the age threshold for the Living Wage is being reduced from 25 to 23, giving younger people more freedom.
The Living Wage has been a welcome change since it’s introduction in April 2016, with full time worker’s basic salary increasing by around £4,030 over that time.
In full, the increases are:
- National Living Wage (23+) to increase 2.2%, from £8.72 to £8.91
- National Minimum Wage (21-22) to increase 2%, from £8.20 to £8.36
- National Minimum Wage (18-20) to increase 1.7% from £6.45 to £6.56
- National Minimum Wage (under 18) to increase 1.5% from £4.55 to £4.62
- Apprenticeship Wage to increase 3.6% from £4.15 to £4.30