In his Budget speech on 27 October 2021, the Chancellor has announced a 6.6% increase to the National Living Wage (‘NLW’) as well as increases to the National Minimum Wage (‘NMW’) rates. During the statement, 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.’
The changes will come into force from 1 April 2022 and will mean that;
- the NLW will rise by 6.6% from £8.91 to £9.50 per hour
- the rate for 21 to 22 year olds will increase by 9.8% from £8.36 to £9.18 per hour
- the rate for 18 to 20 year olds will increase by 4.1% from £6.56 to £6.83 per hour
- the rate for 16 to 17 year olds will increase by 4.1% from £4.62 to £4.81 per hour
- the rate for apprentices will increase by 11.9% from £4.30 to £4.81 per hour
In his speech, the Chancellor estimated that the change to NLW would mean that a full-time worker, working 35 hours per week, would take home an extra £1,000 per year.
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