Many will be £9,000 better off that in 2010
Millions of people across the UK are set to see more money in their bank accounts from today as the National Living Wage increases. Workers will see around £1,000 added as the wage rises to two thirds of average earnings from this month.
Based on the Low Pay Commission’s latest forecasts, this would see the National Living Wage increase to over £11 an hour from April 2024 and would mean the annual earnings of a full-time worker on the National Living Wage will increase by over £1,000 next year. Each year, the independent Low Pay Commission produces recommendations to the Government on National Living Wage and National Minimum Wage rates. This year it is due to make recommendations for the rates that will take effect from April 2024, based on their remit which sets a target for the National Living Wage to reach two-thirds of median earnings by 2024 for workers aged 21 and over, taking economic conditions into account.
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