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Reading: A nearly 7% increase in the minimum wage is planned when the chancellor completes the tax-raising budget.
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Baner Club > Blog > Business > A nearly 7% increase in the minimum wage is planned when the chancellor completes the tax-raising budget.
BusinessPolitics

A nearly 7% increase in the minimum wage is planned when the chancellor completes the tax-raising budget.

Pay for individuals between the ages of 18 and 20 will increase by 16.3% to £10 per hour, while the minimum wage for those aged 21 and beyond would increase by 6.7% to £12.21.

Last updated: 2024/10/30 at 7:49 AM
Published October 30, 2024
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Prior to Wednesday’s budget, Chancellor Rachel Reeves confirmed the rises, which will go into effect in April 2025.
As part of government efforts to eventually establish a single minimum rate for all adults rather than the current tiered structure, minimum wage workers—those between the ages of 18 and 20—are receiving a larger percentage increase.

According to the government, a full-time employee will receive an additional £2,500 annually as a result of their wage increase from £8.60 per hour to a flat £10.

According to Ms. Reeves, this government promised working people a real living wage. A big step toward keeping that pledge is the salary increase for millions of workers.

Our proposals will result in the largest pay raise ever for 18-year-olds, as well as a pay increase that will help millions of lower-earners meet their basic needs.

The rises, which follow the Low Pay Commission’s recommendations, were announced ahead of a budget that the government claims will make sure “working people don’t face higher taxes in their payslips.”

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BanerClub October 30, 2024 October 30, 2024
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