National Minimum Wage to rise next month with millions to earn more

Both the National Living Wage and National Minimum Wage will be increasing from next month, meaning over two million workers across the UK will get a pay rise.

The Living wage is due to increase by 6.6% from £8.91 an hour to £9.50 an hour, meaning those in full-time work on the living wage will get a pay rise of more than £1,000 per year, according to the government.

The rates will differ for those under the age of twenty-one, however, who instead receive the National Minimum Wage.

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The National Minimum Wage rate will increase from:

• £8.36 to £9.18 for 21-22 year olds

• £6.56 to £6.83 for 18-20 year olds

• £4.62 to £4.81 for 16-17 year olds

• £4.30 to £4.81 for apprentices

Read More: M&S to give 40,000 staff a pay rise to help with cost of living crisis

The Treasury confirmed the increase for those over the age of twenty-three will take place on April 1st 2022 back in October ahead of Rishi Sunak’s Budget.

The Chancellor said: “This wage boost ensures we’re making work pay and keeps us on track to meet our target to end low pay by the end of this Parliament.”

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However, the novelty of the pay rise has been dampened somewhat as the cost of living continues to soar to record highs.

inflation soared to 5.4% in December – the highest rate since March 1992 – with experts warning that the cost of living will continue to climb over the next couple of months.

The price cap for energy bills is also expected to rise by an estimated 46-56% in April, adding over £1,000 to the annual electricity bill of millions of households across the country.